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"iso4217:EUR" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00224": { "value": "32571000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentLiabilitiesOtherThanLiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfFinancialPosition_Label_00228": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00930": { "value": "155521000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00778": { "value": "The consolidated financial statements on pages 127 to 205 were approved by the Board of Directors and
authorised for issue on 3 June 2025 and were signed on its behalf by:
\n
Margherita Della Valle
Luka Mucic
\n
Group Chief Executive
Group Chief Financial Officer", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00232": { "value": "4797000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2022-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00233": { "value": "149018000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2022-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00234": { "value": "-7278000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2022-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00235": { "value": "-122022000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2022-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00236": { "value": "28958000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2022-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00237": { "value": 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"ConsolidatedStatementOfCashFlows_NegatedLabel_00721": { "value": "2705000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00722": { "value": "2227000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00723": { "value": "1815000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00724": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "vod:CashPaymentsForSettlementOfWrittenPutOptions", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00725": { "value": "493000000.0", "decimals": -6, "dimensions": { "concept": "vod:CashPaymentsForSettlementOfWrittenPutOptions", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00726": { "value": "12000000.0", "decimals": -6, "dimensions": { "concept": "vod:CashPaymentsForSettlementOfWrittenPutOptions", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00727": { "value": "1868000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00730": { "value": "3000000.0", "decimals": -6, "dimensions": { "concept": "vod:ProceedsFromIssueOfOrdinaryShareAndReissueOfTreasuryShares", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00728": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00731": { "value": "3000000.0", "decimals": -6, "dimensions": { "concept": "vod:ProceedsFromIssueOfOrdinaryShareAndReissueOfTreasuryShares", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00729": { "value": "1867000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00732": { "value": "10000000.0", "decimals": -6, "dimensions": { "concept": "vod:ProceedsFromIssueOfOrdinaryShareAndReissueOfTreasuryShares", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00733": { "value": "1787000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00734": { "value": "2430000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00735": { "value": "2484000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00736": { "value": "249000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00737": { "value": "260000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00738": { "value": "400000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00739": { "value": "8000000.0", "decimals": -6, "dimensions": { "concept": "vod:CashFlowsFromUsedInIncreaseDecreaseOtherTransactionsWithNoncontrollingShareholdersInSubsidiaries", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00742": { "value": "-879000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00740": { "value": "-16000000.0", "decimals": -6, "dimensions": { "concept": "vod:CashFlowsFromUsedInIncreaseDecreaseOtherTransactionsWithNoncontrollingShareholdersInSubsidiaries", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00743": { "value": "-1503000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00741": { "value": "-692000000.0", "decimals": -6, "dimensions": { "concept": "vod:CashFlowsFromUsedInIncreaseDecreaseOtherTransactionsWithNoncontrollingShareholdersInSubsidiaries", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00744": { "value": "-3172000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00745": { "value": "-15278000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00746": { "value": "-15855000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00747": { "value": "-13430000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00748": { "value": "4854000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00749": { "value": "-5420000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00750": { "value": "4245000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00751": { "value": "6114000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00754": { "value": "-75000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00752": { "value": "11628000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00755": { "value": "-94000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00753": { "value": "7371000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2022-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00756": { "value": "12000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00757": { "value": "10893000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00758": { "value": "6114000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00759": { "value": "11628000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlowsParenthetical_Label_00763": { "value": "11001000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlowsParenthetical_Label_00764": { "value": "6183000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlowsParenthetical_Label_00765": { "value": "108000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlowsParenthetical_Label_00766": { "value": "111000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlowsParenthetical_Label_00768": { "value": null, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlowsParenthetical_Label_00767": { "value": "42000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00779": { "value": "1. Basis of preparation
This section describes the critical accounting judgements and estimates that management
\n
has identified as having a potentially material impact on the Group\u2019s consolidated financial
\n
statements and sets out our material accounting policies that relate to the financial
\n
statements as a whole. Where an accounting policy is generally applicable to a specific note to
\n
the financial statements, the policy is described within that note. We have also detailed below
\n
the new accounting pronouncements that we will adopt in future years and our current view
\n
of the impact they will have on our financial reporting.
\n
The consolidated financial statements are prepared in accordance with UK-adopted International Accounting
\n
Standards (\u2018IAS\u2019), with International Financial Reporting Standards (\u2018IFRS\u2019) as issued by the International
\n
Accounting Standards Board (\u2018IASB\u2019) and with the requirements of the Companies Act 2006 (the \u2018Act\u2019). The
\n
consolidated financial statements are prepared on a going concern basis (see page 117).
\n
Vodafone Group Plc is incorporated and domiciled in England and Wales (registration number 1833679). The
\n
registered address of the Company is Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, England.
\n
IFRS requires the Directors to adopt accounting policies that are the most appropriate to the Group\u2019s
\n
circumstances. These have been applied consistently to all the years presented, unless otherwise stated. In
\n
determining and applying accounting policies, Directors and management are required to make judgements and
\n
estimates in respect of items where the choice of specific policy, accounting judgement, estimate or assumption
\n
to be followed could materially affect the Group\u2019s reported financial position, results or cash flows and disclosure
\n
of contingent assets or liabilities during the reporting period; it may later be determined that a different choice
\n
may have been more appropriate.
\n
The Group\u2019s critical accounting judgements and key sources of estimation uncertainty are detailed below. Actual
\n
outcomes could differ from those estimates. The estimates and underlying assumptions are reviewed on an
\n
ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if
\n
the revision affects only that period; they are recognised in the period of the revision and future periods if the
\n
revision affects both current and future periods.
\n
Management regularly reviews, and revises as necessary, the accounting judgements that significantly impact
\n
the amounts recognised in the financial statements and the estimates that are considered to be \u2018critical
\n
estimates\u2019 due to their potential to give rise to material adjustments in the Group\u2019s financial statements in the
\n
year to 31 March 2026. As at 31 March 2025, management has identified critical judgements in respect of
\n
revenue recognition, lease accounting, the recognition of deferred tax assets, the accounting for tax disputes,
\n
valuing assets and liabilities acquired in business combinations, whether to recognise provisions or to disclose
\n
contingent liabilities and the impacts of climate change. In addition, management has identified critical
\n
accounting estimates in relation to the recovery of deferred tax assets, post employment benefits, the valuation
\n
of compensation payable under one of the legal claims against the Group and impairment reviews; estimates
\n
have also been identified that are not considered to be critical in respect of the allocation of revenue to goods
\n
and services, the useful economic lives of finite lived intangible assets and property, plant and equipment.
\n\n
The majority of the Group\u2019s provisions are either long-term in nature (such as asset retirement obligations) or
\n
relate to shorter-term liabilities (such as those relating to restructuring and property) where there is not
\n
considered to be a significant risk of material adjustment in the next financial year. Critical judgements exercised
\n
in respect of tax disputes include cases in India and a tax dispute related to financing costs in the Netherlands.
\n
These critical accounting judgements, estimates and related disclosures have been discussed with the Group\u2019s
\n
Audit and Risk Committee.
\n
Critical accounting judgements and key sources of estimation uncertainty
\n
Revenue recognition
\n
Revenue recognition under IFRS 15 necessitates the collation and processing of very large amounts of data and
\n
the use of management judgements and estimates to produce financial information. The most significant
\n
accounting judgements and source of estimation uncertainty are disclosed below.
\n
Gross versus net presentation
\n
If the Group has control of goods or services when they are delivered to a customer, then the Group is the
\n
principal in the sale to the customer; otherwise the Group is acting as an agent. Whether the Group is considered
\n
to be the principal or an agent in the transaction depends on analysis by management of both the legal form and
\n
substance of the agreement between the Group and its business partners; such judgements impact the amount
\n
of reported revenue and operating expenses (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019) but
\n
do not impact reported assets, liabilities or cash flows. Scenarios requiring judgement to determine whether the
\n
Group is a principal or an agent include, for example, those where the Group delivers third-party branded
\n
software or services (such as premium music, TV content or cloud-based services) to customers and those where
\n
goods or services are delivered to customers in partnership with a third-party. The Group considers a range of
\n
factors when assessing whether the Group is the principal; the Group generally has pricing discretion but also
\n
considers that it must be the primary obligor or have inventory risk to be the principle in a supply arrangement.
\n
The Group is the primary obligor when it is responsible to the customer for the quality of goods and services
\n
provided and/or has the ability to substitute goods or providers\u2019 content in service bundles. Inventory risk can be
\n
via the risk of economic loss for inventory held pre-transfer to the customer or via minimum purchase
\n
commitments to the supplier for content and services.
\n
Allocation of revenue to goods and services provided to customers
\n
Revenue is recognised when goods and services are delivered to customers (see note 2 \u2018Revenue disaggregation
\n
and segmental analysis\u2019). Goods and services may be delivered to a customer at different times under the same
\n
contract, hence it is necessary to allocate the amount payable by the customer between goods and services on a
\n
\u2018relative standalone selling price basis\u2019; this requires the identification of performance obligations (\u2018obligations\u2019)
\n
and the determination of standalone selling prices for the identified obligations. The determination of
\n
obligations is, for the primary goods and services sold by the Group, not considered to be a critical accounting
\n
judgement; the Group\u2019s policy on identifying obligations is disclosed in note 2 \u2018Revenue disaggregation and
\n
segmental analysis\u2019. The determination of standalone selling prices for identified obligations is discussed below.
\n
It is necessary to estimate the standalone price when the Group does not sell equivalent goods or services in
\n
similar circumstances on a standalone basis. When estimating the standalone price the Group maximises the use
\n
of external inputs; methods for estimating standalone prices include determining the standalone price of similar
\n
goods and services sold by the Group, observing the standalone prices for similar goods and services when sold
\n
by third parties or using a cost-plus reasonable margin approach (which is sometimes the case for devices and
\n
other equipment). Where it is not possible to reliably estimate standalone prices due to a lack of observable
\n
standalone sales or highly variable pricing, which is sometimes the case for services, the standalone price of an
\n
obligation may be determined as the transaction price less the standalone prices of other obligations in the
\n
contract. The standalone price determined for obligations materially impacts the allocation of revenue between
\n
obligations and impacts the timing of revenue when obligations are provided to customers at different times \u2013
\n
for example, the allocation of revenue between devices, which are usually delivered up-front, and services which
\n
are typically delivered over the contract period. However, there is not considered to be a significant risk of
\n
material adjustment to the carrying value of contract-related assets or liabilities in the 12 months after the
\n
balance sheet date if these estimates were revised.
\n
Lease accounting
\n
Lease accounting under IFRS 16 is complex and necessitates the collation and processing of very large amounts
\n
of data and the increased use of management judgements and estimates to produce financial information. The
\n
most significant accounting judgements are disclosed below.
\n
Lease identification
\n
Whether the arrangement is considered a lease or a service contract depends on the analysis by management of
\n
both the legal form and substance of the arrangement between the Group and the counter-party to determine if
\n
control of an identified asset has been passed between the parties; if not, the arrangement is a service
\n
arrangement. Control exists if the Group obtains substantially all of the economic benefit from the use of the
\n
asset, and has the ability to direct its use, for a period of time. An identified asset exists where an agreement
\n
explicitly or implicitly identifies an asset or a physically distinct portion of an asset which the lessor has no
\n
substantive right to substitute.
\n
The scenarios requiring the greatest judgement include those where the arrangement is for the use of fibre or
\n
other fixed telecommunication lines. Generally, where the Group has exclusive use of a physical line it is
\n
determined that the Group can also direct the use of the line and therefore leases will be recognised. Where the
\n
Group provides access to fibre or other fixed telecommunication lines to another operator on a wholesale basis
\n
the arrangement will generally be identified as a lease, whereas when the Group provides fixed line services to an
\n
end-user, generally control over such lines is not passed to the end-user and a lease is not identified.
\n
Where the Group contracts with tower companies to utilise space on a tower for the placement of transmission
\n
equipment for a period of time, the arrangement will generally be identified as a lease.
\n\n
The impact of determining whether an agreement is a lease or a service depends on whether the Group is a potential
\n
lessee or lessor in the arrangement and, where the Group is a lessor, whether the arrangement is classified as an
\n
operating or finance lease. The impacts for each scenario are described below where the Group is potentially:
\n
\u2212
A lessee. The judgement impacts the nature and timing of both costs and reported assets and liabilities. A lease
\n
results in an asset and a liability being reported and depreciation and interest being recognised; the interest charge
\n
will decrease over the life of the lease. A service contract results in operating expenses being recognised evenly
\n
over the life of the contract and no assets or liabilities being recorded (other than trade payables, prepayments and
\n
accruals).
\n
\u2212
An operating lessor. The judgement impacts the nature of income recognised. An operating lease results in lease
\n
income being recognised whilst a service contract results in service revenue. Both are recognised evenly over the
\n
life of the contract.
\n
\u2212
A finance lessor. The judgement impacts the nature and timing of both income and reported assets. A finance
\n
lease results in the lease income being recognised at commencement of the lease and an asset (the net
\n
investment in the lease) being recorded.
\n
Lease term
\n
Where leases include additional optional periods after an initial lease term, significant judgement is required in
\n
determining whether these optional periods should be included when determining the lease term. The impact of
\n
this judgement is significantly greater where the Group is a lessee. As a lessee, optional periods are included in the
\n
lease term if the Group is reasonably certain it will exercise an extension option or will not exercise a termination
\n
option; this depends on an analysis by management of all relevant facts and circumstances including the leased
\n
asset\u2019s nature and purpose, the economic and practical potential for replacing the asset and any plans that the
\n
Group has in place for the future use of the asset. Where a leased asset is highly customised (either when initially
\n
provided or as a result of leasehold improvements) or it is impractical or uneconomic to replace then the Group is
\n
more likely to judge that lease extension options are reasonably certain to be exercised. The value of the right-of-use
\n
asset and lease liability will be greater when extension options are included in the lease term. The normal approach
\n
adopted for lease term by asset class is described below.
\n
At the inception of a lease, the lease term can vary significantly by type and use of asset and geography. In addition,
\n
the exact lease term is subject to the non-cancellable period and rights and options in each contract. Generally, lease
\n
terms are judged to be the longer of the non-cancellable term and:
\n
\u2212
Between 5 and 10 years for land and buildings (excluding retail), with terms at the top end of this range if the lease
\n
relates to assets that are considered to be difficult to exit sooner for economic, practical or reputational reasons;
\n
\u2212
The period to the next contractual lease break date for retail premises (excluding breaks within the next 12
\n
months);
\n
\u2212
The lease term, or useful economic life, of the assets connected for leases that are used to provide internal
\n
connectivity;
\n
\u2212
The customer service agreement length for leases of local loop connections or other assets required to provide
\n
fixed line or other services to individual customers; and
\n
\u2212
5 years where the Group has leases for the use of space on towers for the placement of transmission equipment.
\n
In most instances the Group has options to renew or extend leases for additional periods after the end of the lease
\n
term which are assessed using the criteria above.
\n
Lease terms are reassessed if a significant event or change in circumstances occurs relating to the leased assets that
\n
is within the control of the Group; such changes usually relate to commercial agreements entered into by the Group,
\n
or business decisions made by the Group. Where such changes change the Group\u2019s assessment of whether it is
\n
reasonably certain to exercise options to extend, or not terminate leases, then the lease term is reassessed and the
\n
lease liability is remeasured, which in most cases will increase the lease liability.
\n
Taxation
\n
The Group\u2019s tax charge on ordinary activities is the sum of the total current and deferred tax charges. The
\n
calculation of the Group\u2019s total tax charge involves estimation and judgement in respect of certain matters, being
\n
principally:
\n
Recognition of deferred tax assets
\n
Significant items on which the Group has exercised accounting estimation and judgement include the recognition of
\n
deferred tax assets in respect of losses in Luxembourg and Germany, as well as capital allowances in the United
\n
Kingdom. The recognition of deferred tax assets is based upon whether management judge that it is probable that
\n
there will be sufficient and suitable taxable profits in the relevant legal entity or tax group against which to utilise the
\n
assets in the future. The Group assesses the availability of future taxable profits using the same undiscounted five
\n
year forecasts for the Group\u2019s operations as are used in the Group\u2019s value in use calculations (see note 4 \u2018Impairment
\n
losses\u2019). For Luxembourg, this includes forecasts of income from the Group\u2019s internal financing, centralised
\n
procurement and roaming activities, which require significant judgement. For the UK, this includes forecasts of
\n
income for the UK operating company and for financing, holding company, brand and Group service activities.
\n
Where tax losses are forecast to be recovered beyond the five-year period, the availability of taxable profits is
\n
assessed using the cash flows and long-term growth rates used for the value in use calculations.
\n
The estimated cash flows inherent in these forecasts include the unsystematic risks of operating in the
\n
telecommunications business including the potential impacts of changes in the market structure, trends in
\n
customer pricing, the costs associated with the acquisition and retention of customers, future technological
\n
evolutions and potential regulatory changes, such as our ability to acquire and/or renew spectrum licences.
\n
Changes in the estimates which underpin the Group\u2019s forecasts could have an impact on the amount of future
\n
taxable profits and could have a significant impact on the period over which the deferred tax asset would be
\n
recovered.
\n
The Group only considers enacted or substantively enacted tax laws when assessing the amount and availability
\n
of tax losses to offset against the future taxable profits. See note 6 \u2018Taxation\u2019 to the consolidated financial
\n
statements.
\n
See additional commentary relating to climate change below.
\n\n
Uncertain tax positions
\n
The tax impact of a transaction or item can be uncertain until a conclusion is reached with the relevant tax
\n
authority or through a legal process. The Group uses in-house tax experts when assessing uncertain tax positions
\n
and seeks the advice of external professional advisors where appropriate. The most significant judgements in this
\n
area relate to the Group\u2019s tax dispute related to financing costs in the Netherlands. Further details of tax disputes
\n
are included in note 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial statements.
\n
Business combinations and goodwill
\n
When the Group completes a business combination, the fair values of the identifiable assets and liabilities acquired,
\n
including intangible assets, are recognised. The determination of the fair values of acquired assets and liabilities is
\n
based, to a considerable extent, on management\u2019s judgement. If the purchase consideration exceeds the fair value
\n
of the net assets acquired then the incremental amount paid is recognised as goodwill. If the purchase price
\n
consideration is lower than the fair value of the assets acquired then the difference is recorded as a gain in the
\n
income statement.
\n
Allocation of the purchase price between finite lived assets (discussed below) and indefinite lived assets such as
\n
goodwill affects the subsequent results of the Group as finite lived intangible assets are amortised, whereas
\n
indefinite lived intangible assets, including goodwill, are not amortised.
\n
See note 27 \u2018Acquisitions and disposals\u2019 to the consolidated financial statements for further details.
\n
Finite lived intangible assets
\n
Other intangible assets include amounts spent by the Group acquiring licences and spectrum, customer bases and
\n
the costs of purchasing and developing computer software.
\n
Where intangible assets are acquired through business combinations and no active market for the assets exists, the
\n
fair value of these assets is determined by discounting estimated future net cash flows generated by the asset.
\n
Estimates relating to the future cash flows and discount rates used may have a material effect on the reported
\n
amounts of finite lived intangible assets.
\n
Estimation of useful life
\n
The useful life over which intangible assets are amortised depends on management\u2019s estimate of the period over
\n
which economic benefit will be derived from the asset. Useful lives are periodically reviewed to ensure that they
\n
remain appropriate. Management\u2019s estimates of useful life have a material impact on the amount of amortisation
\n
recorded in the year, but there is not considered to be a significant risk of material adjustment to the carrying values
\n
of intangible assets in the year to 31 March 2025 if these estimates were revised. The basis for determining the
\n
useful life for the most significant categories of intangible assets are discussed below.
\n
Customer bases
\n
The estimated useful life principally reflects management\u2019s view of the average economic life of the customer base
\n
and is assessed by reference to customer churn rates. An increase in churn rates may lead to a reduction in the
\n
estimated useful life and an increase in the amortisation charge.
\n
Capitalised software
\n
For computer software, the estimated useful life is based on management\u2019s view, considering historical experience
\n
with similar products as well as anticipation of future events which may impact their life such as changes in
\n
technology. The useful life will not exceed the duration of a licence.
\n
Property, plant and equipment
\n
Property, plant and equipment represents 23.9% of the Group\u2019s total assets (2024: 19.7%). Estimates and
\n
assumptions made may have a material impact on their carrying value and related depreciation charge. See note 11
\n
\u2018Property, plant and equipment\u2019 to the consolidated financial statements for further details.
\n
Estimation of useful life
\n
The depreciation charge for an asset is derived using estimates of its expected useful life and expected residual
\n
value, which are reviewed annually. Management\u2019s estimates of useful life have a material impact on the amount of
\n
depreciation recorded in the year, but there is not considered to be a significant risk of material adjustment to the
\n
carrying values of property, plant and equipment in the year to 31 March 2025 if these estimates were revised.
\n
Management determines the useful lives and residual values for assets when they are acquired, based on experience
\n
with similar assets and taking into account other relevant factors such as any expected changes in technology.
\n
See additional commentary relating to climate change, below.
\n
Post employment benefits
\n
Management uses estimates when determining the Group\u2019s liabilities and expenses arising for defined benefit
\n
pension schemes. Management is required to estimate the future rates of inflation, salary increases, discount rates
\n
and longevity of members, each of which may have a material impact on the defined benefit obligations that are
\n
recorded. Further details, including a sensitivity analysis, are included in note 25 \u2018Post employment benefits\u2019 to the
\n
consolidated financial statements.
\n
Contingent liabilities
\n
The Group exercises significant judgement to determine whether to recognise provisions and the exposures to
\n
contingent liabilities related to pending litigations or other outstanding claims subject to negotiated settlement,
\n
mediation, arbitration or government regulation, as well as other contingent liabilities (see note 29 \u2018Contingent
\n
liabilities and legal proceedings\u2019 to the consolidated financial statements). Judgement is necessary to assess the
\n
likelihood that a pending claim will succeed, or a liability will arise.
\n
Management has used estimates in determining the value of the provision required in respect of compensation that
\n
will be payable in the case in South Africa, Kenneth Makate v Vodacom (Pty) limited (see note 29 \u2018Contingent
\n
liabilities and legal proceedings\u2019 to the consolidated financial statements). Management has used both in-house
\n
legal experts and the advice of external professional advisors to estimate the most likely amount to be payable.
\n\n
Impairment reviews
\n
IFRS requires management to perform impairment tests annually for indefinite lived assets (comprising
\n
goodwill). Impairment tests are also performed for indefinite and finite lived assets, and for equity accounted
\n
investments if events or changes in circumstances indicate that their carrying amounts may not be recoverable.
\n
Management is required to make significant judgements concerning the identification of impairment indicators
\n
and the determination of recoverable amounts for its assets which are based on the higher of their fair value less
\n
costs to sell and their value in use. Observable market data on fair values for equivalent assets is often limited
\n
and, for a number of reasons, transaction values agreed as part of any business acquisition or disposal may be
\n
higher than the assessed value in use.
\n
The Group performs an annual impairment test which focuses on determining the recoverable amounts for its
\n
assets based on value in use, being the present value of the future cash flows it expects to generate from the
\n
continuing use of its assets or cash-generating units.
\n
Calculating the net present value of the future cash flows requires estimates to be made in respect of highly
\n
uncertain matters including management\u2019s expectations of:
\n
\u2212
Growth in Adjusted EBITDAaL, (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019 for a reconciliation
\n
to the consolidated income statement);
\n
\u2212
Timing and amount of future capital expenditure, licence and spectrum payments;
\n
\u2212
Long-term growth rates; and
\n
\u2212
Discount rates that reflect the future cash flows.
\n
Changing the assumptions selected by management, in particular projected Adjusted EBITDAaL, long-term
\n
growth rate and discount rate assumptions, could significantly affect the Group\u2019s impairment evaluation and
\n
hence reported assets and profit or loss. Further details, including a sensitivity analysis, are included in note 4
\n
\u2018Impairment losses\u2019 to the consolidated financial statements.
\n
Where the Group has interests in listed entities, market data, such as share price, is used to assess the fair value of
\n
those interests. If the market capitalisation indicates that their carrying amounts may not be recoverable,
\n
possible adjustments to the share price are reviewed and, where information is available, a value in use
\n
calculation is performed to support a conclusion on impairment.
\n
For operations that are classified as held for sale, management is required to determine whether the carrying
\n
value of the discontinued operation can be supported by the fair value less costs to sell. Where not observable in
\n
a quoted market or via an agreed sale price, management has determined fair value less costs to sell by
\n
reference to the outcomes from the application of a number of potential valuation techniques, determined from
\n
inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.
\n
Climate change
\n
The potential climate change-related risks and opportunities to which the Group is exposed, as identified by
\n
management, are disclosed in the Group\u2019s Climate-related risk reporting on pages 61 to 66. Management has
\n
assessed the potential financial impacts relating to the identified risks, primarily considering the useful lives of,
\n
and retirement obligations for, property, plant and equipment, the possibility of impairment of goodwill and
\n
other long-lived assets and the recoverability of the Group\u2019s deferred tax assets. Management has exercised
\n
judgement in concluding that there are no further material financial impacts of the Group\u2019s climate-related risks
\n
and opportunities on the consolidated financial statements. These judgements will be kept under review by
\n
management as the future impacts of climate change depend on environmental, regulatory and other factors
\n
outside of the Group\u2019s control which are not all currently known.
\n
Significant accounting policies applied in the current reporting period that relate to the
\n
financial statements as a whole
\n
Accounting convention
\n
The consolidated financial statements are prepared on a historical cost basis except for certain financial and
\n
equity instruments that have been measured at fair value and for the application of IAS 29 \u2018Financial Reporting in
\n
Hyperinflationary Economies\u2019 for the Group\u2019s entities reporting in Turkish lira and its associate\u2019s reporting in
\n
Ethiopian birr (see below).
\n
Basis of consolidation
\n
The consolidated financial statements incorporate the financial statements of the Company, subsidiaries
\n
controlled by the Company (see note 31 \u2018Related undertakings\u2019 to the consolidated financial statements), joint
\n
operations that are subject to joint control and the results of joint ventures and associates (see note 12
\n
\u2018Associates and joint arrangements\u2019 to the consolidated financial statements).
\n
Hyperinflationary economies
\n
The Turkish and Ethiopian economies were designated as hyperinflationary from 30 June 2022 and 31
\n
December 2022, respectively. The Group has applied IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019
\n
to its Turkish and Ethiopian operations whose functional currencies are Turkish lira and Ethiopian birr from 1 April
\n
2022.
\n
In applying IAS 29, the Turkish lira and Ethiopian birr results and non-monetary asset and liability balances for
\n
relevant financial years have been revalued to their present value equivalent local currency amounts at the
\n
reporting date, based on the consumer price indexes issued by the Turkish Statistical Institute and the Central
\n
Statistics Agency of Ethiopia respectively. Comparative periods are not restated per IAS 21 \u2018The Effects of
\n
Changes in Foreign Exchange rates\u2019. The respective indices have risen by 38.1% and 13.6% (2024: 68.5% and
\n
26.2%. 2023: 50.5% and 31.3%) during this financial year. The revalued balances are translated to euros at the
\n
reporting date exchange rate of \u20ac1: 41.00 TRL and \u20ac1: 141.92 ETB (2024: \u20ac1: 34.94 TRL and \u20ac1: 61.43 ETB. 2023:
\n
\u20ac1: 20.85 TRL and \u20ac1: 58.59 ETB) respectively applying IAS 21.
\n\n
For the Group\u2019s operations in T\u00fcrkiye:
\n
\u2212
The gain or loss on the revaluation of net monetary assets resulting from IAS 29 application is recognised in
\n
the consolidated income statement within Other income.
\n
\u2212
The Group also presents the gain or loss on cash and cash equivalents as monetary items together with the
\n
effect of inflation on operating, investing and financing cash flows as one number in the consolidated
\n
statement of cash flows.
\n
\u2212
The Group has presented the equity revaluation effects and the impact of currency movements within other
\n
comprehensive income as such amounts are judged to meet the definition of \u2018exchange differences\u2019.
\n
For Safaricom\u2019s operations in Ethiopia, the impacts are reflected as an increase to Investments in associates and
\n
joint ventures in the Consolidated statement of financial position and an increase to Share of results of equity
\n
accounted associates and joint ventures recognised in the Consolidated income statement.
\n
The main impacts of the aforementioned adjustments for the Group\u2019s Turkish and Ethiopian operations on the
\n
consolidated financial statements are shown below.
Increase/(decrease)
2025
2024
2023
\u20acm
\u20acm
\u20acm
Impact on the consolidated income statement for the years ended
31 March
Revenue
88
111
85
Operating (loss)/profit
1
(287)
66
(87)
Loss for the financial year
1
(449)
(169)
(123)
Increase
2025
2024
2023
\u20acm
\u20acm
\u20acm
Impact on the consolidated statement of financial position at 31
March
Net assets
1,029
981
814
Equity attributable to owners of the parent
987
913
777
Non-controlling interests
41
68
37
\n
Note:
\n
1.
Includes \u20ac112 million gain on the net monetary assets/liabilities (2024: \u20ac360 million gain. 2023: \u20ac198 million gain).
\n
Foreign currencies
\n
The consolidated financial statements are presented in euro, which is also the Company\u2019s functional currency.
\n
Each entity in the Group determines its own functional currency and items included in the financial statements
\n
of each entity are measured using that functional currency.
\n
With the exception of the Group\u2019s Turkish lira operations and Safaricom\u2019s Ethiopian birr operations, which are
\n
subject to hyperinflation accounting (see above), transactions in foreign currencies are initially recorded at the
\n
functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in
\n
foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on
\n
the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies
\n
are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of
\n
historical cost in a foreign currency are not retranslated.
\n
Share capital, share premium and other capital reserves are initially recorded at the functional currency rate
\n
prevailing at the date of the transaction and are not retranslated.
\n
For the purpose of presenting consolidated financial statements, the assets and liabilities of entities with a
\n
functional currency other than euro are expressed in euro using exchange rates prevailing at the reporting period
\n
date.
\n
Income and expense items and cash flows are translated at the average exchange rates for each month and
\n
exchange differences arising are recognised directly in other comprehensive income. On disposal of a foreign
\n
entity, the cumulative amount previously recognised in the consolidated statement of comprehensive income
\n
relating to that particular foreign operation is recognised in profit or loss in the consolidated income statement.
\n
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and
\n
liabilities of the foreign operation and translated accordingly.
\n
The net foreign exchange loss recognised in the consolidated income statement for the year ended 31 March
\n
2025 is \u20ac171 million (31 March 2024: \u20ac272 million loss; 2023: \u20ac111 million gain). The net gains and net losses
\n
are recorded within operating profit (2025: \u20ac146 million charge; 2024: \u20ac110 million charge; 2023: \u20ac247 million
\n
credit), financing costs (2025: \u20ac1 million charge; 2024: \u20ac173 million charge; 2023: \u20ac135 million charge) and
\n
income tax expense (2025: \u20ac24 million charge; 2024: \u20ac11 million credit; 2023: \u20ac1 million charge).
\n
Current or non-current classification
\n
Assets are classified as current in the consolidated statement of financial position where recovery is expected
\n
within 12 months of the reporting date. All assets where recovery is expected more than 12 months from the
\n
reporting date and all deferred tax assets, goodwill and intangible assets, property, plant and equipment and
\n
investments in associates and joint ventures are reported as non-current.
\n
Liabilities are classified as current unless the Group has the substantive right at the reporting date to defer
\n
settlement of the liability for at least 12 months after the reporting date. For provisions, where the timing of
\n
settlement is uncertain, amounts are classified as non-current where settlement is expected more than 12
\n
months from the reporting date. In addition, deferred tax liabilities and post-employment benefits are reported as
\n
non-current.
\n
Inventory
\n
Inventory is stated at the lower of cost and net realisable value. Cost is determined on the basis of weighted
\n
average costs and comprises direct materials and, where applicable, direct labour costs and those overheads that
\n
have been incurred in bringing the inventories to their present location and condition.
\n\n
New accounting pronouncements adopted on 1 April 2024
\n
The Group adopted the following new accounting policies on 1 April 2024 to comply with amendments to IFRS:
\n
\u2212
Amendments to IAS 1 \u2018Classification of Liabilities as Current or Non-current\u2019 and \u2018Non-current Liabilities with
\n
Covenants\u2019;
\n
\u2212
Amendment to IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019; and
\n
\u2212
Amendments to IAS 7 and IFRS 7 \u2018Supplier Finance Arrangements\u2019.
\n
The impact of adopting the above amendments to IAS 1 \u2018Presentation of Financial Statements\u2019 is discussed
\n
below. No material impact has resulted from the adoption of the amendments to IFRS 16. The Group has
\n
provided additional disclosures in note 15 \u2018Trade and other payables\u2019 in respect of supplier arrangements as a
\n
result of the amendments to IAS 7 and IFRS 7.
\n
Amendments to IAS 1 \u2018Presentation of Financial Statements\u2019
\n
The Group has previously classified balances relating to certain bonds as current liabilities if it was the Group\u2019s
\n
intention to exercise options to redeem them within 12 months of the reporting date. Following the adoption of
\n
the IAS 1 amendments on 1 April 2024, bonds that are repayable in more than 12 months are classified as non-
\n
current liabilities regardless of any intention to redeem the bonds early.
The impact of adopting the
\n
amendments on the consolidated statement of financial position was a reduction to the value of bonds
\n
presented within current borrowings and a matching increase in the value of bonds presented in non-current
\n
borrowings; the value of the adjustments as at 31 March 2024 was \u20ac931 million and at 31 March 2023 was
\n
\u20ac2,013 million.
\n
The Group\u2019s financial reporting is presented in accordance with these standards from 1 April 2024.
\n
New accounting pronouncements to be adopted on or after 1 April 2025
\n
The following amendment has been issued by the IASB and is effective for annual periods beginning on or after 1
\n
January 2025. This amendment has been endorsed by the UK Endorsement Board.
\n
\u2212
Amendments to IAS 21 \u2018Lack of Exchangeability\u2019.
\n
The amendment is not currently expected to have a material impact on the Group\u2019s financial reporting on
\n
adoption, but the impact is dependent on economic factors outside of the Group\u2019s control.
\n
New accounting pronouncements to be adopted on or after 1 April 2026
\n
The following new standards and amendments have been issued by the IASB but have not yet been endorsed by
\n
the UK Endorsement Board (\u2018UKEB\u2019) except where noted:
\n
\u2212
Amendments to IFRS 9 and IFRS 7 \u2018Amendments to the Classification and Measurement of Financial
\n
Instruments\u2019, which have been endorsed by the UKEB;
\n
\u2212
Amendments to IFRS 9 and IFRS 7 \u2018Contracts Referencing Nature-dependent Electricity\u2019;
\n
\u2212
Annual Improvements to IFRS Accounting Standards (Volume 11), which has been endorsed by the UKEB;
\n
\u2212
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019; and
\n
\u2212
IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures \u2018.
\n
The amendments to IFRS 9, IFRS 7 and Annual Improvements are effective for annual periods beginning on or
\n
after 1 January 2026 whilst IFRS 18 and IFRS 19 are effective for annual periods beginning on or after 1 January
\n
2027.
\n
The amendments to IFRS 19 and Annual improvements are not expected to have a material impact on the
\n
Group\u2019s financial reporting on adoption. The Group is assessing the impact of IFRS 18, IFRS 7 and IFRS 9 and the
\n
Group\u2019s financial reporting will be presented in accordance with these standards from 1 April 2026 or
\nsubsequently as applicable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00780": { "value": "1. Basis of preparation
This section describes the critical accounting judgements and estimates that management
\n
has identified as having a potentially material impact on the Group\u2019s consolidated financial
\n
statements and sets out our material accounting policies that relate to the financial
\n
statements as a whole. Where an accounting policy is generally applicable to a specific note to
\n
the financial statements, the policy is described within that note. We have also detailed below
\n
the new accounting pronouncements that we will adopt in future years and our current view
\n
of the impact they will have on our financial reporting.
\n
The consolidated financial statements are prepared in accordance with UK-adopted International Accounting
\n
Standards (\u2018IAS\u2019), with International Financial Reporting Standards (\u2018IFRS\u2019) as issued by the International
\n
Accounting Standards Board (\u2018IASB\u2019) and with the requirements of the Companies Act 2006 (the \u2018Act\u2019). The
\n
consolidated financial statements are prepared on a going concern basis (see page 117).
\n
Vodafone Group Plc is incorporated and domiciled in England and Wales (registration number 1833679). The
\n
registered address of the Company is Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, England.
\n
IFRS requires the Directors to adopt accounting policies that are the most appropriate to the Group\u2019s
\n
circumstances. These have been applied consistently to all the years presented, unless otherwise stated. In
\n
determining and applying accounting policies, Directors and management are required to make judgements and
\n
estimates in respect of items where the choice of specific policy, accounting judgement, estimate or assumption
\n
to be followed could materially affect the Group\u2019s reported financial position, results or cash flows and disclosure
\n
of contingent assets or liabilities during the reporting period; it may later be determined that a different choice
\n
may have been more appropriate.
\n
The Group\u2019s critical accounting judgements and key sources of estimation uncertainty are detailed below. Actual
\n
outcomes could differ from those estimates. The estimates and underlying assumptions are reviewed on an
\n
ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if
\n
the revision affects only that period; they are recognised in the period of the revision and future periods if the
\n
revision affects both current and future periods.
\n
Management regularly reviews, and revises as necessary, the accounting judgements that significantly impact
\n
the amounts recognised in the financial statements and the estimates that are considered to be \u2018critical
\n
estimates\u2019 due to their potential to give rise to material adjustments in the Group\u2019s financial statements in the
\n
year to 31 March 2026. As at 31 March 2025, management has identified critical judgements in respect of
\n
revenue recognition, lease accounting, the recognition of deferred tax assets, the accounting for tax disputes,
\n
valuing assets and liabilities acquired in business combinations, whether to recognise provisions or to disclose
\n
contingent liabilities and the impacts of climate change. In addition, management has identified critical
\n
accounting estimates in relation to the recovery of deferred tax assets, post employment benefits, the valuation
\n
of compensation payable under one of the legal claims against the Group and impairment reviews; estimates
\n
have also been identified that are not considered to be critical in respect of the allocation of revenue to goods
\n
and services, the useful economic lives of finite lived intangible assets and property, plant and equipment.
\n\n
The majority of the Group\u2019s provisions are either long-term in nature (such as asset retirement obligations) or
\n
relate to shorter-term liabilities (such as those relating to restructuring and property) where there is not
\n
considered to be a significant risk of material adjustment in the next financial year. Critical judgements exercised
\n
in respect of tax disputes include cases in India and a tax dispute related to financing costs in the Netherlands.
\n
These critical accounting judgements, estimates and related disclosures have been discussed with the Group\u2019s
\nAudit and Risk Committee.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00781": { "value": "The consolidated financial statements are prepared in accordance with UK-adopted International Accounting
Standards (\u2018IAS\u2019), with International Financial Reporting Standards (\u2018IFRS\u2019) as issued by the International
\nAccounting Standards Board (\u2018IASB\u2019) and with the requirements of the Companies Act 2006 (the \u2018Act\u2019). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00782": { "value": "The consolidated financial statements are prepared on a going concern basis (see page 117). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00769": { "value": "Vodafone Group Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00772": { "value": "Vodafone Group Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00777": { "value": "Plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00770": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00773": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00776": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00771": { "value": "Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, England. ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00775": { "value": "2025-03-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00783": { "value": "Critical accounting judgements and key sources of estimation uncertainty
Revenue recognition
\n
Revenue recognition under IFRS 15 necessitates the collation and processing of very large amounts of data and
\n
the use of management judgements and estimates to produce financial information. The most significant
\n
accounting judgements and source of estimation uncertainty are disclosed below.
\n
Gross versus net presentation
\n
If the Group has control of goods or services when they are delivered to a customer, then the Group is the
\n
principal in the sale to the customer; otherwise the Group is acting as an agent. Whether the Group is considered
\n
to be the principal or an agent in the transaction depends on analysis by management of both the legal form and
\n
substance of the agreement between the Group and its business partners; such judgements impact the amount
\n
of reported revenue and operating expenses (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019) but
\n
do not impact reported assets, liabilities or cash flows. Scenarios requiring judgement to determine whether the
\n
Group is a principal or an agent include, for example, those where the Group delivers third-party branded
\n
software or services (such as premium music, TV content or cloud-based services) to customers and those where
\n
goods or services are delivered to customers in partnership with a third-party. The Group considers a range of
\n
factors when assessing whether the Group is the principal; the Group generally has pricing discretion but also
\n
considers that it must be the primary obligor or have inventory risk to be the principle in a supply arrangement.
\n
The Group is the primary obligor when it is responsible to the customer for the quality of goods and services
\n
provided and/or has the ability to substitute goods or providers\u2019 content in service bundles. Inventory risk can be
\n
via the risk of economic loss for inventory held pre-transfer to the customer or via minimum purchase
\n
commitments to the supplier for content and services.
\n
Allocation of revenue to goods and services provided to customers
\n
Revenue is recognised when goods and services are delivered to customers (see note 2 \u2018Revenue disaggregation
\n
and segmental analysis\u2019). Goods and services may be delivered to a customer at different times under the same
\n
contract, hence it is necessary to allocate the amount payable by the customer between goods and services on a
\n
\u2018relative standalone selling price basis\u2019; this requires the identification of performance obligations (\u2018obligations\u2019)
\n
and the determination of standalone selling prices for the identified obligations. The determination of
\n
obligations is, for the primary goods and services sold by the Group, not considered to be a critical accounting
\n
judgement; the Group\u2019s policy on identifying obligations is disclosed in note 2 \u2018Revenue disaggregation and
\n
segmental analysis\u2019. The determination of standalone selling prices for identified obligations is discussed below.
\n
It is necessary to estimate the standalone price when the Group does not sell equivalent goods or services in
\n
similar circumstances on a standalone basis. When estimating the standalone price the Group maximises the use
\n
of external inputs; methods for estimating standalone prices include determining the standalone price of similar
\n
goods and services sold by the Group, observing the standalone prices for similar goods and services when sold
\n
by third parties or using a cost-plus reasonable margin approach (which is sometimes the case for devices and
\n
other equipment). Where it is not possible to reliably estimate standalone prices due to a lack of observable
\n
standalone sales or highly variable pricing, which is sometimes the case for services, the standalone price of an
\n
obligation may be determined as the transaction price less the standalone prices of other obligations in the
\n
contract. The standalone price determined for obligations materially impacts the allocation of revenue between
\n
obligations and impacts the timing of revenue when obligations are provided to customers at different times \u2013
\n
for example, the allocation of revenue between devices, which are usually delivered up-front, and services which
\n
are typically delivered over the contract period. However, there is not considered to be a significant risk of
\n
material adjustment to the carrying value of contract-related assets or liabilities in the 12 months after the
\n
balance sheet date if these estimates were revised.
\n
Lease accounting
\n
Lease accounting under IFRS 16 is complex and necessitates the collation and processing of very large amounts
\n
of data and the increased use of management judgements and estimates to produce financial information. The
\n
most significant accounting judgements are disclosed below.
\n
Lease identification
\n
Whether the arrangement is considered a lease or a service contract depends on the analysis by management of
\n
both the legal form and substance of the arrangement between the Group and the counter-party to determine if
\n
control of an identified asset has been passed between the parties; if not, the arrangement is a service
\n
arrangement. Control exists if the Group obtains substantially all of the economic benefit from the use of the
\n
asset, and has the ability to direct its use, for a period of time. An identified asset exists where an agreement
\n
explicitly or implicitly identifies an asset or a physically distinct portion of an asset which the lessor has no
\n
substantive right to substitute.
\n
The scenarios requiring the greatest judgement include those where the arrangement is for the use of fibre or
\n
other fixed telecommunication lines. Generally, where the Group has exclusive use of a physical line it is
\n
determined that the Group can also direct the use of the line and therefore leases will be recognised. Where the
\n
Group provides access to fibre or other fixed telecommunication lines to another operator on a wholesale basis
\n
the arrangement will generally be identified as a lease, whereas when the Group provides fixed line services to an
\n
end-user, generally control over such lines is not passed to the end-user and a lease is not identified.
\n
Where the Group contracts with tower companies to utilise space on a tower for the placement of transmission
\n
equipment for a period of time, the arrangement will generally be identified as a lease.
\n\n
The impact of determining whether an agreement is a lease or a service depends on whether the Group is a potential
\n
lessee or lessor in the arrangement and, where the Group is a lessor, whether the arrangement is classified as an
\n
operating or finance lease. The impacts for each scenario are described below where the Group is potentially:
\n
\u2212
A lessee. The judgement impacts the nature and timing of both costs and reported assets and liabilities. A lease
\n
results in an asset and a liability being reported and depreciation and interest being recognised; the interest charge
\n
will decrease over the life of the lease. A service contract results in operating expenses being recognised evenly
\n
over the life of the contract and no assets or liabilities being recorded (other than trade payables, prepayments and
\n
accruals).
\n
\u2212
An operating lessor. The judgement impacts the nature of income recognised. An operating lease results in lease
\n
income being recognised whilst a service contract results in service revenue. Both are recognised evenly over the
\n
life of the contract.
\n
\u2212
A finance lessor. The judgement impacts the nature and timing of both income and reported assets. A finance
\n
lease results in the lease income being recognised at commencement of the lease and an asset (the net
\n
investment in the lease) being recorded.
\n
Lease term
\n
Where leases include additional optional periods after an initial lease term, significant judgement is required in
\n
determining whether these optional periods should be included when determining the lease term. The impact of
\n
this judgement is significantly greater where the Group is a lessee. As a lessee, optional periods are included in the
\n
lease term if the Group is reasonably certain it will exercise an extension option or will not exercise a termination
\n
option; this depends on an analysis by management of all relevant facts and circumstances including the leased
\n
asset\u2019s nature and purpose, the economic and practical potential for replacing the asset and any plans that the
\n
Group has in place for the future use of the asset. Where a leased asset is highly customised (either when initially
\n
provided or as a result of leasehold improvements) or it is impractical or uneconomic to replace then the Group is
\n
more likely to judge that lease extension options are reasonably certain to be exercised. The value of the right-of-use
\n
asset and lease liability will be greater when extension options are included in the lease term. The normal approach
\n
adopted for lease term by asset class is described below.
\n
At the inception of a lease, the lease term can vary significantly by type and use of asset and geography. In addition,
\n
the exact lease term is subject to the non-cancellable period and rights and options in each contract. Generally, lease
\n
terms are judged to be the longer of the non-cancellable term and:
\n
\u2212
Between 5 and 10 years for land and buildings (excluding retail), with terms at the top end of this range if the lease
\n
relates to assets that are considered to be difficult to exit sooner for economic, practical or reputational reasons;
\n
\u2212
The period to the next contractual lease break date for retail premises (excluding breaks within the next 12
\n
months);
\n
\u2212
The lease term, or useful economic life, of the assets connected for leases that are used to provide internal
\n
connectivity;
\n
\u2212
The customer service agreement length for leases of local loop connections or other assets required to provide
\n
fixed line or other services to individual customers; and
\n
\u2212
5 years where the Group has leases for the use of space on towers for the placement of transmission equipment.
\n
In most instances the Group has options to renew or extend leases for additional periods after the end of the lease
\n
term which are assessed using the criteria above.
\n
Lease terms are reassessed if a significant event or change in circumstances occurs relating to the leased assets that
\n
is within the control of the Group; such changes usually relate to commercial agreements entered into by the Group,
\n
or business decisions made by the Group. Where such changes change the Group\u2019s assessment of whether it is
\n
reasonably certain to exercise options to extend, or not terminate leases, then the lease term is reassessed and the
\n
lease liability is remeasured, which in most cases will increase the lease liability.
\n
Taxation
\n
The Group\u2019s tax charge on ordinary activities is the sum of the total current and deferred tax charges. The
\n
calculation of the Group\u2019s total tax charge involves estimation and judgement in respect of certain matters, being
\n
principally:
\n
Recognition of deferred tax assets
\n
Significant items on which the Group has exercised accounting estimation and judgement include the recognition of
\n
deferred tax assets in respect of losses in Luxembourg and Germany, as well as capital allowances in the United
\n
Kingdom. The recognition of deferred tax assets is based upon whether management judge that it is probable that
\n
there will be sufficient and suitable taxable profits in the relevant legal entity or tax group against which to utilise the
\n
assets in the future. The Group assesses the availability of future taxable profits using the same undiscounted five
\n
year forecasts for the Group\u2019s operations as are used in the Group\u2019s value in use calculations (see note 4 \u2018Impairment
\n
losses\u2019). For Luxembourg, this includes forecasts of income from the Group\u2019s internal financing, centralised
\n
procurement and roaming activities, which require significant judgement. For the UK, this includes forecasts of
\n
income for the UK operating company and for financing, holding company, brand and Group service activities.
\n
Where tax losses are forecast to be recovered beyond the five-year period, the availability of taxable profits is
\n
assessed using the cash flows and long-term growth rates used for the value in use calculations.
\n
The estimated cash flows inherent in these forecasts include the unsystematic risks of operating in the
\n
telecommunications business including the potential impacts of changes in the market structure, trends in
\n
customer pricing, the costs associated with the acquisition and retention of customers, future technological
\n
evolutions and potential regulatory changes, such as our ability to acquire and/or renew spectrum licences.
\n
Changes in the estimates which underpin the Group\u2019s forecasts could have an impact on the amount of future
\n
taxable profits and could have a significant impact on the period over which the deferred tax asset would be
\n
recovered.
\n
The Group only considers enacted or substantively enacted tax laws when assessing the amount and availability
\n
of tax losses to offset against the future taxable profits. See note 6 \u2018Taxation\u2019 to the consolidated financial
\n
statements.
\n
See additional commentary relating to climate change below.
\n\n
Uncertain tax positions
\n
The tax impact of a transaction or item can be uncertain until a conclusion is reached with the relevant tax
\n
authority or through a legal process. The Group uses in-house tax experts when assessing uncertain tax positions
\n
and seeks the advice of external professional advisors where appropriate. The most significant judgements in this
\n
area relate to the Group\u2019s tax dispute related to financing costs in the Netherlands. Further details of tax disputes
\n
are included in note 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial statements.
\n
Business combinations and goodwill
\n
When the Group completes a business combination, the fair values of the identifiable assets and liabilities acquired,
\n
including intangible assets, are recognised. The determination of the fair values of acquired assets and liabilities is
\n
based, to a considerable extent, on management\u2019s judgement. If the purchase consideration exceeds the fair value
\n
of the net assets acquired then the incremental amount paid is recognised as goodwill. If the purchase price
\n
consideration is lower than the fair value of the assets acquired then the difference is recorded as a gain in the
\n
income statement.
\n
Allocation of the purchase price between finite lived assets (discussed below) and indefinite lived assets such as
\n
goodwill affects the subsequent results of the Group as finite lived intangible assets are amortised, whereas
\n
indefinite lived intangible assets, including goodwill, are not amortised.
\n
See note 27 \u2018Acquisitions and disposals\u2019 to the consolidated financial statements for further details.
\n
Finite lived intangible assets
\n
Other intangible assets include amounts spent by the Group acquiring licences and spectrum, customer bases and
\n
the costs of purchasing and developing computer software.
\n
Where intangible assets are acquired through business combinations and no active market for the assets exists, the
\n
fair value of these assets is determined by discounting estimated future net cash flows generated by the asset.
\n
Estimates relating to the future cash flows and discount rates used may have a material effect on the reported
\n
amounts of finite lived intangible assets.
\n
Estimation of useful life
\n
The useful life over which intangible assets are amortised depends on management\u2019s estimate of the period over
\n
which economic benefit will be derived from the asset. Useful lives are periodically reviewed to ensure that they
\n
remain appropriate. Management\u2019s estimates of useful life have a material impact on the amount of amortisation
\n
recorded in the year, but there is not considered to be a significant risk of material adjustment to the carrying values
\n
of intangible assets in the year to 31 March 2025 if these estimates were revised. The basis for determining the
\n
useful life for the most significant categories of intangible assets are discussed below.
\n
Customer bases
\n
The estimated useful life principally reflects management\u2019s view of the average economic life of the customer base
\n
and is assessed by reference to customer churn rates. An increase in churn rates may lead to a reduction in the
\n
estimated useful life and an increase in the amortisation charge.
\n
Capitalised software
\n
For computer software, the estimated useful life is based on management\u2019s view, considering historical experience
\n
with similar products as well as anticipation of future events which may impact their life such as changes in
\n
technology. The useful life will not exceed the duration of a licence.
\n
Property, plant and equipment
\n
Property, plant and equipment represents 23.9% of the Group\u2019s total assets (2024: 19.7%). Estimates and
\n
assumptions made may have a material impact on their carrying value and related depreciation charge. See note 11
\n
\u2018Property, plant and equipment\u2019 to the consolidated financial statements for further details.
\n
Estimation of useful life
\n
The depreciation charge for an asset is derived using estimates of its expected useful life and expected residual
\n
value, which are reviewed annually. Management\u2019s estimates of useful life have a material impact on the amount of
\n
depreciation recorded in the year, but there is not considered to be a significant risk of material adjustment to the
\n
carrying values of property, plant and equipment in the year to 31 March 2025 if these estimates were revised.
\n
Management determines the useful lives and residual values for assets when they are acquired, based on experience
\n
with similar assets and taking into account other relevant factors such as any expected changes in technology.
\n
See additional commentary relating to climate change, below.
\n
Post employment benefits
\n
Management uses estimates when determining the Group\u2019s liabilities and expenses arising for defined benefit
\n
pension schemes. Management is required to estimate the future rates of inflation, salary increases, discount rates
\n
and longevity of members, each of which may have a material impact on the defined benefit obligations that are
\n
recorded. Further details, including a sensitivity analysis, are included in note 25 \u2018Post employment benefits\u2019 to the
\n
consolidated financial statements.
\n
Contingent liabilities
\n
The Group exercises significant judgement to determine whether to recognise provisions and the exposures to
\n
contingent liabilities related to pending litigations or other outstanding claims subject to negotiated settlement,
\n
mediation, arbitration or government regulation, as well as other contingent liabilities (see note 29 \u2018Contingent
\n
liabilities and legal proceedings\u2019 to the consolidated financial statements). Judgement is necessary to assess the
\n
likelihood that a pending claim will succeed, or a liability will arise.
\n
Management has used estimates in determining the value of the provision required in respect of compensation that
\n
will be payable in the case in South Africa, Kenneth Makate v Vodacom (Pty) limited (see note 29 \u2018Contingent
\n
liabilities and legal proceedings\u2019 to the consolidated financial statements). Management has used both in-house
\n
legal experts and the advice of external professional advisors to estimate the most likely amount to be payable.
\n\n
Impairment reviews
\n
IFRS requires management to perform impairment tests annually for indefinite lived assets (comprising
\n
goodwill). Impairment tests are also performed for indefinite and finite lived assets, and for equity accounted
\n
investments if events or changes in circumstances indicate that their carrying amounts may not be recoverable.
\n
Management is required to make significant judgements concerning the identification of impairment indicators
\n
and the determination of recoverable amounts for its assets which are based on the higher of their fair value less
\n
costs to sell and their value in use. Observable market data on fair values for equivalent assets is often limited
\n
and, for a number of reasons, transaction values agreed as part of any business acquisition or disposal may be
\n
higher than the assessed value in use.
\n
The Group performs an annual impairment test which focuses on determining the recoverable amounts for its
\n
assets based on value in use, being the present value of the future cash flows it expects to generate from the
\n
continuing use of its assets or cash-generating units.
\n
Calculating the net present value of the future cash flows requires estimates to be made in respect of highly
\n
uncertain matters including management\u2019s expectations of:
\n
\u2212
Growth in Adjusted EBITDAaL, (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019 for a reconciliation
\n
to the consolidated income statement);
\n
\u2212
Timing and amount of future capital expenditure, licence and spectrum payments;
\n
\u2212
Long-term growth rates; and
\n
\u2212
Discount rates that reflect the future cash flows.
\n
Changing the assumptions selected by management, in particular projected Adjusted EBITDAaL, long-term
\n
growth rate and discount rate assumptions, could significantly affect the Group\u2019s impairment evaluation and
\n
hence reported assets and profit or loss. Further details, including a sensitivity analysis, are included in note 4
\n
\u2018Impairment losses\u2019 to the consolidated financial statements.
\n
Where the Group has interests in listed entities, market data, such as share price, is used to assess the fair value of
\n
those interests. If the market capitalisation indicates that their carrying amounts may not be recoverable,
\n
possible adjustments to the share price are reviewed and, where information is available, a value in use
\n
calculation is performed to support a conclusion on impairment.
\n
For operations that are classified as held for sale, management is required to determine whether the carrying
\n
value of the discontinued operation can be supported by the fair value less costs to sell. Where not observable in
\n
a quoted market or via an agreed sale price, management has determined fair value less costs to sell by
\n
reference to the outcomes from the application of a number of potential valuation techniques, determined from
\n
inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.
\n
Climate change
\n
The potential climate change-related risks and opportunities to which the Group is exposed, as identified by
\n
management, are disclosed in the Group\u2019s Climate-related risk reporting on pages 61 to 66. Management has
\n
assessed the potential financial impacts relating to the identified risks, primarily considering the useful lives of,
\n
and retirement obligations for, property, plant and equipment, the possibility of impairment of goodwill and
\n
other long-lived assets and the recoverability of the Group\u2019s deferred tax assets. Management has exercised
\n
judgement in concluding that there are no further material financial impacts of the Group\u2019s climate-related risks
\n
and opportunities on the consolidated financial statements. These judgements will be kept under review by
\n
management as the future impacts of climate change depend on environmental, regulatory and other factors
\noutside of the Group\u2019s control which are not all currently known.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00784": { "value": "Allocation of revenue to goods and services provided to customers
Revenue is recognised when goods and services are delivered to customers (see note 2 \u2018Revenue disaggregation
\n
and segmental analysis\u2019). Goods and services may be delivered to a customer at different times under the same
\n
contract, hence it is necessary to allocate the amount payable by the customer between goods and services on a
\n
\u2018relative standalone selling price basis\u2019; this requires the identification of performance obligations (\u2018obligations\u2019)
\n
and the determination of standalone selling prices for the identified obligations. The determination of
\n
obligations is, for the primary goods and services sold by the Group, not considered to be a critical accounting
\n
judgement; the Group\u2019s policy on identifying obligations is disclosed in note 2 \u2018Revenue disaggregation and
\n
segmental analysis\u2019. The determination of standalone selling prices for identified obligations is discussed below.
\n
It is necessary to estimate the standalone price when the Group does not sell equivalent goods or services in
\n
similar circumstances on a standalone basis. When estimating the standalone price the Group maximises the use
\n
of external inputs; methods for estimating standalone prices include determining the standalone price of similar
\n
goods and services sold by the Group, observing the standalone prices for similar goods and services when sold
\n
by third parties or using a cost-plus reasonable margin approach (which is sometimes the case for devices and
\n
other equipment). Where it is not possible to reliably estimate standalone prices due to a lack of observable
\n
standalone sales or highly variable pricing, which is sometimes the case for services, the standalone price of an
\n
obligation may be determined as the transaction price less the standalone prices of other obligations in the
\n
contract. The standalone price determined for obligations materially impacts the allocation of revenue between
\n
obligations and impacts the timing of revenue when obligations are provided to customers at different times \u2013
\n
for example, the allocation of revenue between devices, which are usually delivered up-front, and services which
\n
are typically delivered over the contract period. However, there is not considered to be a significant risk of
\n
material adjustment to the carrying value of contract-related assets or liabilities in the 12 months after the
\nbalance sheet date if these estimates were revised. Revenue disaggregation and segmental income statement analysis
Revenue reported for the year includes revenue from contracts with customers, comprising service and
\n
equipment revenue, as well as other revenue items including revenue from leases and interest revenue arising
\n
from transactions with a significant financing component.
\n
The table below presents Revenue and Adjusted EBITDAaL for the years ended 31 March 2025 and 31 March
\n
2024.
Revenue from
Total
Service
Equipment
contracts with
Other
Interest
segment
Adjusted
revenue
revenue
customers
revenue
1
revenue
revenue
EBITDAaL
31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Germany
10,876
942
11,818
345
17
12,180
4,384
UK
5,887
1,109
6,996
14
59
7,069
1,558
Other Europe
4,805
761
5,566
108
20
5,694
1,510
T
\u00fc
rkiye
2,484
595
3,079
7
\u2013
3,086
842
Africa
6,172
1,113
7,285
472
34
7,791
2,593
Common Functions
2
663
57
720
1,097
\u2013
1,817
45
Eliminations
(129)
\u2013
(129)
(60)
\u2013
(189)
\u2013
Group
30,758
4,577
35,335
1,983
130
37,448
10,932
Revenue from
Total
Service
Equipment
contracts with
Other
Interest
segment
Adjusted
revenue
revenue
customers
revenue
1
revenue
revenue
EBITDAaL
31 March 2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Germany
11,453
1,132
12,585
357
15
12,957
5,017
UK
5,631
1,111
6,742
54
41
6,837
1,408
Other Europe
4,722
665
5,387
102
15
5,504
1,516
T
\u00fc
rkiye
1,746
609
2,355
7
\u2013
2,362
510
Africa
5,951
1,030
6,981
409
30
7,420
2,539
Common Functions
2
559
49
608
1,256
\u2013
1,864
29
Eliminations
(150)
(1)
(151)
(76)
\u2013
(227)
\u2013
Group
29,912
4,595
34,507
2,109
101
36,717
11,019
\n
Notes:
\n
1.
Other revenue includes lease revenue recognised under IFRS 16 \u2018Leases\u2019 (see note 20 \u2018Leases\u2019).
\n
2.
Comprises central teams and business functions.
The table below presents Revenue and Adjusted EBITDAaL for the comparative year ended 31 March 2023.
Revenue from
Total
Service
Equipment
contracts with
Other
Interest
segment
Adjusted
revenue
revenue
customers
revenue
1
revenue
revenue
EBITDAaL
31 March 2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Germany
11,433
1,313
12,746
350
17
13,113
5,323
UK
5,358
1,375
6,733
58
33
6,824
1,350
Other Europe
2
5,005
602
5,607
117
20
5,744
1,632
T
\u00fc
rkiye
3
1,593
475
2,068
4
\u2013
2,072
424
Africa
6,556
1,089
7,645
403
28
8,076
2,880
Vantage Towers
\u2013
\u2013
\u2013
1,338
\u2013
1,338
795
Common Functions
4
530
47
577
1,191
\u2013
1,768
20
Eliminations
(157)
(1)
(158)
(1,105)
\u2013
(1,263)
\u2013
Group
30,318
4,900
35,218
2,356
98
37,672
12,424
Notes:
1. Other revenue includes lease revenue recognised under IFRS 16 \u2018Leases\u2019 (see note 20 \u2018Leases\u2019).
2. Includes the results of Vodafone Hungary which, as previously reported, was sold in January 2023.
3. Includes the results of Vodafone Ghana which, as previously reported, was sold in February 2023.
4.
Comprises central teams and business functions.
The total future revenue from the remaining term of Group\u2019s contracts with customers for performance
obligations not yet delivered to those customers at 31 March 2025 is \u20ac17,297 million (2024: \u20ac16,577 million;
2023: \u20ac16,354 million); of which \u20ac10,812 million (2024: \u20ac10,488 million; 2023: \u20ac10,324 million) is expected to
be recognised within the next year and the majority of the remaining amount in the following 12 months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00785": { "value": "Business combinations and goodwill
When the Group completes a business combination, the fair values of the identifiable assets and liabilities acquired,
\n
including intangible assets, are recognised. The determination of the fair values of acquired assets and liabilities is
\n
based, to a considerable extent, on management\u2019s judgement. If the purchase consideration exceeds the fair value
\n
of the net assets acquired then the incremental amount paid is recognised as goodwill. If the purchase price
\n
consideration is lower than the fair value of the assets acquired then the difference is recorded as a gain in the
\n
income statement.
\n
Allocation of the purchase price between finite lived assets (discussed below) and indefinite lived assets such as
\n
goodwill affects the subsequent results of the Group as finite lived intangible assets are amortised, whereas
\n
indefinite lived intangible assets, including goodwill, are not amortised.
\nSee note 27 \u2018Acquisitions and disposals\u2019 to the consolidated financial statements for further details. Business combinations
Acquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured
\n
at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and equity
\n
instruments issued by the Group. Acquisition-related costs are recognised in the consolidated income statement as
\n
incurred. The acquiree\u2019s identifiable assets and liabilities are recognised at their fair values at the acquisition date,
\n
which is the date on which control is transferred to the Group. Goodwill is measured as the excess of the sum of the
\n
consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the
\n
Group\u2019s previously held equity interest in the acquiree, if any, over the net amounts of identifiable assets acquired
\n
and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the acquiree may
\n
initially be measured either at fair value or at the non-controlling shareholders\u2019 proportion of the net fair value of the
\n
identifiable assets acquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made
on an acquisition-by-acquisition basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00786": { "value": "Climate change
The potential climate change-related risks and opportunities to which the Group is exposed, as identified by
\n
management, are disclosed in the Group\u2019s Climate-related risk reporting on pages 61 to 66. Management has
\n
assessed the potential financial impacts relating to the identified risks, primarily considering the useful lives of,
\n
and retirement obligations for, property, plant and equipment, the possibility of impairment of goodwill and
\n
other long-lived assets and the recoverability of the Group\u2019s deferred tax assets. Management has exercised
\n
judgement in concluding that there are no further material financial impacts of the Group\u2019s climate-related risks
\n
and opportunities on the consolidated financial statements. These judgements will be kept under review by
\n
management as the future impacts of climate change depend on environmental, regulatory and other factors
outside of the Group\u2019s control which are not all currently known.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00787": { "value": "Significant accounting policies applied in the current reporting period that relate to the
financial statements as a whole
\n
Accounting convention
\n
The consolidated financial statements are prepared on a historical cost basis except for certain financial and
\n
equity instruments that have been measured at fair value and for the application of IAS 29 \u2018Financial Reporting in
\n
Hyperinflationary Economies\u2019 for the Group\u2019s entities reporting in Turkish lira and its associate\u2019s reporting in
\n
Ethiopian birr (see below).
\n
Basis of consolidation
\n
The consolidated financial statements incorporate the financial statements of the Company, subsidiaries
\n
controlled by the Company (see note 31 \u2018Related undertakings\u2019 to the consolidated financial statements), joint
\n
operations that are subject to joint control and the results of joint ventures and associates (see note 12
\n
\u2018Associates and joint arrangements\u2019 to the consolidated financial statements).
\n
Hyperinflationary economies
\n
The Turkish and Ethiopian economies were designated as hyperinflationary from 30 June 2022 and 31
\n
December 2022, respectively. The Group has applied IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019
\n
to its Turkish and Ethiopian operations whose functional currencies are Turkish lira and Ethiopian birr from 1 April
\n
2022.
\n
In applying IAS 29, the Turkish lira and Ethiopian birr results and non-monetary asset and liability balances for
\n
relevant financial years have been revalued to their present value equivalent local currency amounts at the
\n
reporting date, based on the consumer price indexes issued by the Turkish Statistical Institute and the Central
\n
Statistics Agency of Ethiopia respectively. Comparative periods are not restated per IAS 21 \u2018The Effects of
\n
Changes in Foreign Exchange rates\u2019. The respective indices have risen by 38.1% and 13.6% (2024: 68.5% and
\n
26.2%. 2023: 50.5% and 31.3%) during this financial year. The revalued balances are translated to euros at the
\n
reporting date exchange rate of \u20ac1: 41.00 TRL and \u20ac1: 141.92 ETB (2024: \u20ac1: 34.94 TRL and \u20ac1: 61.43 ETB. 2023:
\n
\u20ac1: 20.85 TRL and \u20ac1: 58.59 ETB) respectively applying IAS 21.
\n\n
For the Group\u2019s operations in T\u00fcrkiye:
\n
\u2212
The gain or loss on the revaluation of net monetary assets resulting from IAS 29 application is recognised in
\n
the consolidated income statement within Other income.
\n
\u2212
The Group also presents the gain or loss on cash and cash equivalents as monetary items together with the
\n
effect of inflation on operating, investing and financing cash flows as one number in the consolidated
\n
statement of cash flows.
\n
\u2212
The Group has presented the equity revaluation effects and the impact of currency movements within other
\n
comprehensive income as such amounts are judged to meet the definition of \u2018exchange differences\u2019.
\n
For Safaricom\u2019s operations in Ethiopia, the impacts are reflected as an increase to Investments in associates and
\n
joint ventures in the Consolidated statement of financial position and an increase to Share of results of equity
\n
accounted associates and joint ventures recognised in the Consolidated income statement.
\n
The main impacts of the aforementioned adjustments for the Group\u2019s Turkish and Ethiopian operations on the
\n
consolidated financial statements are shown below.
Increase/(decrease)
2025
2024
2023
\u20acm
\u20acm
\u20acm
Impact on the consolidated income statement for the years ended
31 March
Revenue
88
111
85
Operating (loss)/profit
1
(287)
66
(87)
Loss for the financial year
1
(449)
(169)
(123)
Increase
2025
2024
2023
\u20acm
\u20acm
\u20acm
Impact on the consolidated statement of financial position at 31
March
Net assets
1,029
981
814
Equity attributable to owners of the parent
987
913
777
Non-controlling interests
41
68
37
\n
Note:
\n
1.
Includes \u20ac112 million gain on the net monetary assets/liabilities (2024: \u20ac360 million gain. 2023: \u20ac198 million gain).
\n
Foreign currencies
\n
The consolidated financial statements are presented in euro, which is also the Company\u2019s functional currency.
\n
Each entity in the Group determines its own functional currency and items included in the financial statements
\n
of each entity are measured using that functional currency.
\n
With the exception of the Group\u2019s Turkish lira operations and Safaricom\u2019s Ethiopian birr operations, which are
\n
subject to hyperinflation accounting (see above), transactions in foreign currencies are initially recorded at the
\n
functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in
\n
foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on
\n
the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies
\n
are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of
\n
historical cost in a foreign currency are not retranslated.
\n
Share capital, share premium and other capital reserves are initially recorded at the functional currency rate
\n
prevailing at the date of the transaction and are not retranslated.
\n
For the purpose of presenting consolidated financial statements, the assets and liabilities of entities with a
\n
functional currency other than euro are expressed in euro using exchange rates prevailing at the reporting period
\n
date.
\n
Income and expense items and cash flows are translated at the average exchange rates for each month and
\n
exchange differences arising are recognised directly in other comprehensive income. On disposal of a foreign
\n
entity, the cumulative amount previously recognised in the consolidated statement of comprehensive income
\n
relating to that particular foreign operation is recognised in profit or loss in the consolidated income statement.
\n
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and
\n
liabilities of the foreign operation and translated accordingly.
\n
The net foreign exchange loss recognised in the consolidated income statement for the year ended 31 March
\n
2025 is \u20ac171 million (31 March 2024: \u20ac272 million loss; 2023: \u20ac111 million gain). The net gains and net losses
\n
are recorded within operating profit (2025: \u20ac146 million charge; 2024: \u20ac110 million charge; 2023: \u20ac247 million
\n
credit), financing costs (2025: \u20ac1 million charge; 2024: \u20ac173 million charge; 2023: \u20ac135 million charge) and
\n
income tax expense (2025: \u20ac24 million charge; 2024: \u20ac11 million credit; 2023: \u20ac1 million charge).
\n
Current or non-current classification
\n
Assets are classified as current in the consolidated statement of financial position where recovery is expected
\n
within 12 months of the reporting date. All assets where recovery is expected more than 12 months from the
\n
reporting date and all deferred tax assets, goodwill and intangible assets, property, plant and equipment and
\n
investments in associates and joint ventures are reported as non-current.
\n
Liabilities are classified as current unless the Group has the substantive right at the reporting date to defer
\n
settlement of the liability for at least 12 months after the reporting date. For provisions, where the timing of
\n
settlement is uncertain, amounts are classified as non-current where settlement is expected more than 12
\n
months from the reporting date. In addition, deferred tax liabilities and post-employment benefits are reported as
\n
non-current.
\n
Inventory
\n
Inventory is stated at the lower of cost and net realisable value. Cost is determined on the basis of weighted
\n
average costs and comprises direct materials and, where applicable, direct labour costs and those overheads that
\nhave been incurred in bringing the inventories to their present location and condition. The Group\u2019s businesses are managed on a geographical basis. Selected financial data is
presented on this basis below.
\n
Accounting policies
\n
Revenue
\n
When the Group enters into an agreement with a customer, goods and services deliverable under the contract
\n
are identified as separate performance obligations (\u2018obligations\u2019) to the extent that the customer can benefit
\n
from the goods or services on their own and that the separate goods and services are considered distinct from
\n
other goods and services in the agreement. Where individual goods and services do not meet the criteria to be
\n
identified as separate obligations they are aggregated with other goods and/or services in the agreement until a
\n
separate obligation is identified. The obligations identified will depend on the nature of individual customer
\n
contracts, but might typically be separately identified for mobile handsets, other equipment such as set-top
\n
boxes and routers provided to customers and services provided to customers such as mobile and fixed line
\n
communication services. The Group\u2019s digital services and Internet of Things (\u2018IoT\u2019) customer offers typically
\n
include separate obligations for communications services, as well as equipment and software or software as a
\n
service (\u2018SaaS\u2019). Where goods and services have a functional dependency (for example, a fixed line router can only
\n
be used with the Group\u2019s services) this does not, in isolation, prevent those goods or services from being
\n
assessed as separate obligations. Activities relating to connecting customers to the Group\u2019s network for the
\n
future provision of services are not considered to meet the criteria to be recognised as obligations except to the
\n
extent that the control of related equipment passes to customers.
\n
The Group determines the transaction price to which it expects to be entitled in return for providing the promised
\n
obligations to the customer based on the committed contractual amounts, net of sales taxes and discounts.
\n
Where indirect channel dealers, such as retailers, acquire customer contracts on behalf of the Group and receive
\n
commission, any commissions that the dealer is compelled to use to fund discounts or other incentives to the
\n
customer are treated as payments to the customer when determining the transaction price and consequently
\n
are not included in contract acquisition costs.
\n
The transaction price is allocated between the identified obligations according to the relative standalone selling
\n
prices of the obligations. The standalone selling price of each obligation deliverable in the contract is determined
\n
according to the prices that the Group would achieve by selling the same goods and/or services included in the
\n
obligation to a similar customer on a standalone basis; where standalone selling prices are not directly
\n
observable, estimation techniques are used maximising the use of external inputs. See \u2018Critical accounting
\n
judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation\u2019 for details. Revenue is
\n
recognised when the respective obligations in the contract are delivered to the customer and cash collection is
\n
considered probable. Revenue for the provision of services, such as mobile airtime, fixed line broadband, other
\n
communications services and SaaS, is recognised when the Group provides the related service during the agreed
\n
service period.
\n
Revenue for device sales to end customers is generally recognised when the device is delivered to the end
\n
customer. For device sales made to intermediaries such as indirect channel dealers, revenue is recognised if
\n
control of the device has transferred to the intermediary and the intermediary has no right to return the device to
\n
receive a refund; otherwise revenue recognition is deferred until sale of the device to an end customer by the
\n
intermediary or the expiry of any right of return.
\n
Where refunds are issued to customers they are deducted from revenue in the relevant service period.
\n
When the Group has control of goods or services prior to delivery to a customer, then the Group is the principal in
\n
the sale to the customer. As a principal, receipts from, and payments to, suppliers are reported on a gross basis in
\n
revenue and operating costs. If another party has control of goods or services prior to transfer to a customer,
\n
then the Group is acting as an agent for the other party and revenue in respect of the relevant obligations is
\n
recognised net of any related payments to the supplier and recognised revenue represents the margin earned by
\n
the Group. See \u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of
\n
preparation\u2019 for details.
\n
Customers typically pay in advance for prepay mobile services and monthly for other communication services.
\n
Customers typically pay for handsets and other equipment either up-front at the time of sale or over the term of
\n
the related service agreement.
\n
When revenue recognised in respect of a customer contract exceeds amounts received or receivable from a
\n
customer at that time a contract asset is recognised; contract assets will typically be recognised for handsets or
\n
other equipment provided to customers where payment is recovered by the Group via future service fees. Once
\n
the amount receivable becomes conditional only on the passage of time, the contract asset becomes a trade
\n
receivable (see note 14 \u2018Trade and other receivables\u2019). If amounts received or receivable from a customer exceed
\n
revenue recognised for a contract, for example if the Group receives an advance payment from a customer, a
\n
contract liability is recognised.
\n
When contract assets or liabilities are recognised, a financing component may exist in the contract; this is
\n
typically the case when a handset or other equipment is provided to a customer up-front but payment is received
\n
over the term of the related service agreement, in which case the customer is deemed to have received
\n
financing. If a significant financing component is provided to the customer, the transaction price is reduced and
\n
interest revenue is recognised over the customer\u2019s payment period using an interest rate reflecting the relevant
\n
central bank rates and customer credit risk.
\n
Contract-related costs
\n
When costs directly relating to a specific contract are incurred prior to recognising revenue for a related
\n
obligation, and those costs enhance the ability of the Group to deliver an obligation and are expected to be
\n
recovered, then those costs are recognised in the consolidated statement of financial position as fulfilment costs
\n
and are recognised as expenses in line with the recognition of revenue when the related obligation is delivered.
\n
The direct and incremental costs of acquiring a contract including, for example, certain commissions payable to
\n
staff or agents for acquiring customers on behalf of the Group, are recognised as contract acquisition cost assets
\n
in the consolidated statement of financial position when the related payment obligation is recorded. Costs are
\n
recognised as an expense in line with the recognition of the related revenue that is expected to be earned by the
\n
Group; typically this is over the customer contract period as new commissions are payable on contract renewal.
Certain amounts payable to agents are deducted from revenue recognised (see above). Accounting policies
Goodwill
\n
Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is an indication
\n
that the asset may be impaired.
\n
For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately
\n
identifiable cash flows, known as cash-generating units. The determination of the Group\u2019s cash-generating units
\n
is primarily based on the geographic area where the Group supplies communications services and products. If
\n
cash flows from assets within one jurisdiction are largely independent of the cash flows from other assets in that
\n
same jurisdiction and management monitors performance separately, multiple cash-generating units are
\n
identified within that geographic area.
\n
If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the
\n
impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to
\n
the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. Impairment
\n
losses recognised for goodwill are not reversible in subsequent periods.
\n
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the
\n
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
\n
current market assessments of the time value of money and the risks specific to the asset for which the
\n
estimates of future cash flows have not been adjusted.
\n
Management prepares formal five-year plans for the Group\u2019s cash-generating units, which are the basis for the
\n
value in use calculations.
\n
Property, plant and equipment, finite-lived intangible assets and equity-accounted investments
\n
At each reporting period date, the Group reviews the carrying amounts of its property, plant and equipment, finite
\n
lived intangible assets and equity-accounted investments to determine whether there is any indication that
\n
those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset
\n
is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate
\n
the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-
\n
generating unit to which the asset belongs.
\n
If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount,
\n
the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount and an
\n
impairment loss is recognised immediately in the consolidated income statement.
\n
Where there has been a change in the estimates used to determine recoverable amount and an impairment loss
\n
subsequently reverses, the carrying amount of the asset or cash-generating unit is increased to the revised
\n
estimate of its recoverable amount, not to exceed the carrying amount that would have been determined had no
\n
impairment loss been recognised for the asset or cash-generating unit in prior years and an impairment loss
\nreversal is recognised immediately in the consolidated income statement. Accounting policies
Income tax expense represents the sum of current and deferred taxes.
Current tax payable or recoverable is based on taxable profit for the year. Taxable profit differs from profit as
reported in the consolidated income statement because some items of income or expense are taxable or
deductible in different years or may never be taxable or deductible. The Group\u2019s liability for current tax is
calculated using tax rates and laws that have been enacted or substantively enacted by the reporting period date.
The Group recognises provisions for uncertain tax positions when the Group has a present obligation as a result
of a past event and management judge that it is probable that there will be a future outflow of economic benefits
from the Group to settle the obligation. Uncertain tax positions are assessed and measured on an issue-by-issue
basis within the jurisdictions that we operate either using management\u2019s estimate of the most likely outcome
where the issues are binary, or the expected value approach where the issues have a range of possible outcomes.
The Group recognises interest on late paid taxes as part of financing costs, and, if applicable, classifies tax
penalties as part of the income tax expense if the penalties are based on profits.
Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences
between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax
bases used in the computation of taxable profit. It is accounted for using the statement of financial position
liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is probable that taxable temporary differences or taxable
profits will be available against which deductible temporary differences can be utilised.
Such assets and liabilities are not recognised if the temporary difference, or net temporary difference arises in a
transaction that gives rise to both taxable and deductible temporary differences, arises from the initial
recognition (other than in a business combination) of assets and liabilities and affects neither the taxable profit
nor the accounting profit. Deferred tax liabilities are also not recognised to the extent they arise from the initial
recognition of non-tax deductible goodwill.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and
associates, and interests in joint arrangements, except where the Group is able to control the reversal of the
temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect
changes in the Group\u2019s assessment that sufficient taxable profits will be available to allow all the recognised
asset to be recovered.
\n
6. Taxation (continued)
\n
Deferred tax is calculated at the tax rates that are expected to apply in the periods when the liability is settled or
\n
the asset realised, based on tax rates that have been enacted or substantively enacted by the reporting period
\n
date. The group does not discount deferred tax balances.
\n
Tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against
\n
current tax liabilities and when they either relate to income taxes levied by the same taxation authority on either
\n
the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities
\n
on a net basis.
\n
Tax is charged or credited to the income statement, except when it relates to items charged or credited to other
\n
comprehensive income or directly to equity, in which case the tax is recognised in other comprehensive income
\nor in equity. Accounting policies
Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future
\n
economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably
\n
measured. Identifiable intangible assets are recognised at fair value when the Group completes a business
\n
combination. The determination of the fair values of the separately identified intangibles, is based, to a
\n
considerable extent, on management\u2019s judgement.
\n
Goodwill
\n
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s
\n
interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised
\n
at the date of acquisition.
\n
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated
\n
impairment losses. Goodwill is not subject to amortisation but is tested for impairment annually or whenever
\n
there is evidence that it may be impaired. Goodwill is denominated in the currency of the acquired entity and
\n
revalued to the closing exchange rate at each reporting period date.
\n
Negative goodwill arising on an acquisition is recognised directly in the consolidated income statement.
\n
On disposal of a subsidiary or a joint arrangement, the attributable amount of goodwill is included in the
\n
determination of the profit or loss recognised in the consolidated income statement on disposal.
\n
Finite lived intangible assets
\n
Intangible assets with finite lives are stated at acquisition or development cost, less accumulated amortisation.
\n
The amortisation period and method are reviewed at least annually. Changes in the expected useful life or the
\n
expected pattern of consumption of future economic benefits embodied in the asset are accounted for by
\n
changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.
\n
Licence and spectrum fees
\n
Amortisation periods for licence and spectrum fees are determined primarily by reference to the unexpired
\n
licence period, the conditions for licence renewal and whether licences are dependent on specific technologies.
\n
Amortisation is charged to the consolidated income statement on a straight-line basis over the estimated useful
\n
lives from the commencement of related network services.
\n
Software
\n
Computer software comprises software purchased from third parties as well as the cost of internally developed
\n
software. Computer software licences are capitalised on the basis of the costs incurred to acquire and bring into
\n
use the specific software. Costs that are directly associated with the production of identifiable and unique
\n
software products controlled by the Group, and are probable of producing future economic benefits, are
\n
recognised as intangible assets. Direct costs of software development include employee costs and directly
\n
attributable overheads.
\n
Software integral to an item of hardware equipment is classified as property, plant and equipment.
\n
Costs associated with maintaining software programs are recognised as an expense when they are incurred.
\n
Amortisation is charged to the consolidated income statement on a straight-line basis over the estimated useful
\n
life from the date the software is available for use.
\n
Other intangible assets
\n
Other intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition.
\n
Amortisation is charged to the consolidated income statement, over the estimated useful lives of intangible
\n
assets from the date they are available for use, on a straight-line basis. The amortisation basis adopted for each
\n
class of intangible asset reflects the Group\u2019s consumption of the economic benefit from that asset.
\n
Estimated useful lives
\n
The estimated useful lives of finite lived intangible assets are as follows:
Licence and spectrum fees
3 - 40 years
Software
3 - 10 years
Brands
1 - 30 years
Customer bases
2 - 37 years
Accounting policies
Land and buildings held for use are stated in the consolidated statement of financial position at their cost, less
any accumulated depreciation and any accumulated impairment losses.
Amounts for equipment, fixtures and fittings, which includes network infrastructure assets are stated at cost less
accumulated depreciation and any accumulated impairment losses.
Assets in the course of construction are carried at cost, less any recognised impairment losses. Depreciation of
these assets commences when the assets are ready for their intended use.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their
acquisition and installation.
Depreciation is charged so as to write off the cost of assets, other than land, using the straight-line method, over
their estimated useful lives, as follows:
Land and buildings
Freehold buildings
25 - 50 years
Leasehold premises
The term of the lease
Equipment, fixtures and fittings
Network infrastructure and other
1 - 35 years
Depreciation is not provided on freehold land.
Right-of-use assets arising from the Group\u2019s lease arrangements are depreciated over their reasonably certain
lease term, as determined under the Group\u2019s leases policy (see note 20 \u2018Leases\u2019 and \u2018Critical accounting
judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation\u2019 for details).
The gain or loss arising on the disposal, retirement or granting of a finance lease on an item of property, plant and
equipment is determined as the difference between any proceeds from sale or receivables arising on a lease and
the carrying amount of the asset and is recognised in the consolidated income statement. Accounting policies
Interests in joint arrangements
\n
A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic
\n
activity that is subject to joint control; that is, when the relevant activities that significantly affect the investee\u2019s
\n
returns require the unanimous consent of the parties sharing control. Joint arrangements are either joint
\n
operations or joint ventures.
\n
Gains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint
\n
arrangement are recognised in respect of the Group\u2019s entire equity holding in the subsidiary.
\n
Joint operations
\n
A joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets,
\n
and obligations for the liabilities, relating to the arrangement or that other facts and circumstances indicate that
\n
this is the case. The Group\u2019s share of assets, liabilities, revenue, expenses and cash flows are combined with the
\n
equivalent items in the consolidated financial statements on a line-by-line basis.
\n
Any goodwill arising on the acquisition of the Group\u2019s interest in a joint operation is accounted for in accordance
\n
with the Group\u2019s accounting policy for goodwill arising on the acquisition of a subsidiary.
\n
Joint ventures
\n
A joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets
\n
of the arrangement.
\n
At the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the
\n
identifiable assets, liabilities and contingent liabilities of the joint venture is recognised as goodwill. The goodwill
\n
is included within the carrying amount of the investment.
\n
The results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held
\n
for sale (see note 7 \u2018Discontinued operations and assets held for sale\u2019), are incorporated in the consolidated
\n
financial statements using the equity method of accounting. Under the equity method, investments in joint
\n
ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition
\n
changes in the Group\u2019s share of the net assets of the joint venture, less any impairment in the value of the
\n
investment. The Group\u2019s share of post-tax profits or losses are recognised in the consolidated income statement.
\n
Losses of a joint venture in excess of the Group\u2019s interest in that joint venture are recognised only to the extent
\n
that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.
\n
Associates
\n
An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an
\n
interest in a joint arrangement.
\n
Significant influence is the power to participate in the financial and operating policy decisions of the investee but
\n
where the Group does not have control or joint control over those policies.
\n
At the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the
\n
identifiable assets, liabilities and contingent liabilities of the associate is recognised as goodwill. The goodwill is
\n
included within the carrying amount of the investment.
\n
The results and assets and liabilities of associates are incorporated in the consolidated financial statements using
\nthe same equity method of accounting used for joint ventures, described above. Accounting policies
Other investments comprising debt and equity instruments are recognised and derecognised on settlement
\n
date and are initially measured at fair value, including transaction costs.
\n
Debt securities that are held for collection of contractual cash flows where those cash flows represent solely
\n
payments of principal and interest are measured at amortised cost using the effective interest method, less any
\n
impairment. Debt securities that do not meet the criteria for amortised cost are measured at fair value through
\n
profit and loss.
\n
Equity securities are classified and measured at fair value through other comprehensive income where the
\n
possibility of sale in the near term is considered low at the time of acquisition; other equity securities are
\n
recorded at fair value through the income statement. For equity securities valued at fair value through other
\n
comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss
\nfollowing derecognition of the investment. Accounting policies
Trade receivables represent amounts owed by customers where the right to receive payment is conditional only
\n
on the passage of time. Trade receivables that are recovered in instalments from customers over an extended
\n
period are discounted at market rates and interest revenue is accreted over the expected repayment period.
\n
Other trade receivables do not carry any interest and are stated at their nominal value. When the Group
\n
establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair
\n
value through other comprehensive income; all other trade receivables are recorded at amortised cost.
\n
The carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised
\n
cost is reduced by allowances for lifetime estimated credit losses. Estimated future credit losses are first
\n
recorded on the initial recognition of a receivable and are based on the ageing of the receivable balances,
\n
historical experience and forward-looking considerations. Individual balances are written off when management
\ndeems them not to be collectible. Accounting policies Trade payables are not interest-bearing and are stated at their nominal value. Accounting policies
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past
\n
event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made
\n
of the amount of the obligation. Provisions are measured based on the best estimate of the expenditure required
\n
to settle the obligation at the reporting date and are discounted to present value where the effect is material.
\n
Where the timing of settlement is uncertain amounts are classified as non-current where settlement is expected
\n
more than 12 months from the reporting date.
\n
Asset retirement obligations
\n
In the course of the Group\u2019s activities, a number of sites and other assets are utilised which are expected to have
\n
costs associated with decommissioning. The associated cash outflows are substantially expected to occur at the
\n
dates of decommissioning of the assets to which they relate, and are long term in nature.
\n
Legal and regulatory
\n
The Group is involved in a number of legal and other disputes, including where the Group has received
\n
notifications of possible claims. The Directors of the Company, after taking legal advice, have established
\n
provisions considering the facts of each case. For a discussion of certain legal issues potentially affecting the
\n
Group see note 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial statements.
\n
Restructuring
\n
The Group undertakes periodic reviews of its operations and recognises provisions as required based on the
\n
outcomes of these reviews. The associated cash outflows for restructuring costs are primarily less than one year.
\n
Other
\nComprises various items that do not fall within the Group\u2019s other categories of provisions. Accounting policies
Equity instruments issued by the Group are recorded at the amount of the proceeds received, net of direct
issuance costs. Accounting policies
Cash and cash equivalents comprise cash and bank deposits, and other short-term highly liquid investments that
are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Assets in money market funds, whose contractual cash flows do not represent solely payments of interest and
principal, are measured at fair value with gains and losses arising from changes in fair value included in net profit
or loss for the period. All other cash and cash equivalents are measured at amortised cost. Accounting policies
As a lessee
When the Group leases an asset, a \u2018right-of-use asset\u2019 is recognised for the leased item and a lease liability is
recognised for any lease payments to be paid over the lease term at the lease commencement date. The right-
of-use asset is initially measured at cost, being the present value of the lease payments paid or payable, plus any
initial direct costs incurred in entering the lease and less any lease incentives received.
Right-of-use assets are depreciated on a straight-line basis from the commencement date to the earlier of the
end of the asset\u2019s useful life or the end of the lease term. The lease term is the non-cancellable period of the
lease plus any periods for which the Group is \u2018reasonably certain\u2019 to exercise any extension options (see below).
The useful life of the asset is determined in a manner consistent to that for owned property, plant and equipment
(as described in note 11 \u2018Property, plant and equipment\u2019). If right-of-use assets are considered to be impaired, the
carrying value is reduced accordingly.
Lease liabilities are initially measured at the present value of the lease payments over the lease term that are not
paid at the commencement date and are usually discounted using the incremental borrowing rates of the
applicable Group entity for the relevant maturity (the rate implicit in the lease is used if it is readily determinable).
Lease payments included in the lease liability include both fixed payments and in-substance fixed payments
during the term of the lease.
After initial recognition, the lease liability is recorded at amortised cost using the effective interest rate method. It
is remeasured when there is a change in future lease payments arising from a change in an index or rate (e.g. an
inflation related increase) or if the Group\u2019s assessment of the lease term changes; any changes in the lease
liability as a result of these changes also results in a corresponding change in the recorded right-of-use asset
unless the right-of-use asset is reduced to zero in which case the remaining amount of the remeasurement is
recognised in profit or loss.
Lease modifications that increase the scope of a lease by adding the right to use one or more underlying assets
in return for consideration commensurate with the stand-alone price for the additional lease components are
treated as separate leases. If a lease modification decreases the scope of the lease, the Group remeasures both
the right-of-use asset and the lease liability and recognises any gain or loss in profit or loss. Other lease
modifications result in a remeasurement of the lease liability with an adjustment to the right-of-use asset.
Remeasured lease liabilities are discounted at the modification date using a current discount rate.
As a lessor
Where the Group is a lessor, it determines at inception whether the lease is a finance or an operating lease. When
a lease transfers substantially all the risks and rewards of ownership of the underlying asset then the lease is a
finance lease; otherwise the lease is an operating lease.
\n\n
Where the Group is an intermediate lessor, the interests in the head lease and the sublease are accounted for
\n
separately and the lease classification of a sublease is determined by reference to the right-of-use asset arising
\n
from the head lease.
\n
Income from operating leases is recognised on a straight-line basis over the lease term. Income from finance
\n
leases is recognised at lease commencement with any interest income recognised over the lease term.
\n
Lease income is recognised as revenue for transactions that are part of the Group\u2019s ordinary activities (i.e.
\n
primarily leases of handsets or other equipment to customers, leases of wholesale access to the Group\u2019s fibre
\n
and cable networks and leases of tower infrastructure assets). The Group uses IFRS 15 principles to allocate the
\nconsideration in contracts between any lease and non-lease components. Accounting policies
Interest-bearing bonds, loans and overdrafts are initially measured at fair value (which is equal to cost at
\n
inception), and are subsequently measured at amortised cost, using the effective interest rate method. Where
\n
they are identified as a hedged item in a designated fair value hedge relationship, fair value adjustments are
\n
recognised in accordance with our policy (see note 22 \u2018Capital and financial risk management\u2019). Any difference
\n
between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings
\nis recognised over the term of the borrowing. Accounting policies
Financial instruments
\n
Financial assets and financial liabilities, in respect of financial instruments, are recognised on the Group\u2019s
\n
consolidated statement of financial position when the Group becomes a party to the contractual provisions of
\n
the instrument.
\n
Financial liabilities and equity instruments
\n
Financial liabilities and equity instruments issued by the Group are classified according to the substance of the
\n
contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An
\n
equity instrument is any contract that provides a residual interest in the assets of the Group after deducting all of
\n
its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted
\n
for specific financial liabilities and equity instruments are set out below.
\n
Derivative financial instruments and hedge accounting
\n
The Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which
\n
it manages using derivative financial instruments. The use of financial derivatives is governed by the Group\u2019s
\n
policies approved by the Board of Directors, which provide written principles on the use of financial derivatives
\n
consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments
\n
for speculative purposes.
\n
The Group designates certain derivatives as:
\n
\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\n
\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm
\n
commitments (\u2018cash flow hedges\u2019); or
\n
\u2212
hedges of net investments in foreign operations.
\n
Derivative financial instruments are initially measured at fair value on the contract date and are subsequently re-
\n
measured to fair value at each reporting date. Changes in values of all derivatives of a financing nature are
\n
included within investment income and financing costs in the income statement unless designated in an
\n
effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective
\n
portion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at
\n
the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure
\n
that an economic relationship exists between the hedged item and hedging instrument. For fair value hedges,
\n
the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk, with gains and
\n
losses recognised in the income statement.
\n
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no
\n
longer qualifies for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in
\n
other comprehensive income at that time remains in equity and is recognised in the income statement when the
\n
hedged transaction is ultimately recognised in the income statement.
\n
For cash flow hedges, when the hedged item is recognised in the income statement, amounts previously
\n
recognised in other comprehensive income and accumulated in equity for the hedging instrument are
\n
reclassified to the income statement. However, when the hedged transaction results in the recognition of a non-
\n
financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive
\n
income and accumulated in equity are transferred from equity and included in the initial measurement of the
\n
cost of the non-financial asset or non-financial liability. If a forecast transaction is no longer expected to occur,
\n
the gain or loss accumulated in equity is recognised immediately in the income statement.
\n
For net investment hedges, gains and losses accumulated in other comprehensive income are included in the
\nincome statement when the foreign operation is disposed of. Accounting policies
For defined benefit retirement plans, the difference between the fair value of the plan assets and the present
\n
value of the plan liabilities is recognised as an asset or a liability on the consolidated statement of financial
\n
position. Defined benefit plan liabilities are assessed using the projected unit funding method and applying the
\n
principal actuarial assumptions at the reporting period date. Assets are valued at market value.
\n
Actuarial gains and losses are taken to the consolidated statement of comprehensive income for defined benefit
\n
plans or consolidated income statement for cash leaver plans as incurred. For this purpose, actuarial gains and
\n
losses comprise both the effects of changes in actuarial assumptions and experience adjustments arising from
\n
differences between the previous actuarial assumptions and what has actually occurred. The return on plan
\n
assets, in excess of interest income, and costs incurred for the management of plan assets are also taken to other
\n
comprehensive income.
\n
Other movements in the net surplus or deficit are recognised in the consolidated income statement, including
\n
the current service cost, any past service cost and the effect of any settlements. The interest cost less the
\n
expected interest income on assets is also charged to the consolidated income statement. The amount charged
\n
to the consolidated income statement in respect of these plans is included within operating costs, profit or loss
\n
or in the Group\u2019s share of the results of equity accounted operations, as appropriate.
\n
The Group\u2019s contributions to defined contribution pension plans are charged to the consolidated income
\nstatement as they fall due. Accounting policies
The Group issues equity-settled share-based awards to certain employees. Equity-settled share-based awards are
\n
measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair
\n
value determined at the grant date of the equity-settled share-based award is expensed on a straight-line basis
\n
over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest and adjusted for the
\n
effect of non-market-based vesting conditions. A corresponding increase in additional paid-in capital is also
\n
recognised.
\n
Some share awards have an attached market condition, based on total shareholder return (\u2018TSR\u2019), which is taken
\n
into account when calculating the fair value of the share awards. The valuation for the TSR is based on
\n
Vodafone\u2019s ranking within the same group of companies, where possible, over the past five years.
\n
The fair value of awards of non-vested shares is a calculation of the closing price of the Company\u2019s shares on the
\n
day prior to the grant date, adjusted for the present value of the delay in receiving dividends where appropriate.
\n
The maximum aggregate number of ordinary shares which may be issued in respect of share options or share
\n
plans will not (without shareholder approval) exceed:
\n
\u2212
10% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when
\n
aggregated with the total number of ordinary shares which have been allocated in the preceding ten year
\n
period under all plans; and
\n
\u2212
5% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when
\n
aggregated with the total number of ordinary shares which have been allocated in the preceding ten year
\nperiod under all plans, other than any plans which are operated on an all-employee basis. Accounting policies
Business combinations
\n
Acquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured
\n
at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and equity
\n
instruments issued by the Group. Acquisition-related costs are recognised in the consolidated income statement as
\n
incurred. The acquiree\u2019s identifiable assets and liabilities are recognised at their fair values at the acquisition date,
\n
which is the date on which control is transferred to the Group. Goodwill is measured as the excess of the sum of the
\n
consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the
\n
Group\u2019s previously held equity interest in the acquiree, if any, over the net amounts of identifiable assets acquired
\n
and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the acquiree may
\n
initially be measured either at fair value or at the non-controlling shareholders\u2019 proportion of the net fair value of the
\n
identifiable assets acquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made
\n
on an acquisition-by-acquisition basis.
\n
Acquisition of interests from non-controlling shareholders
\n
In transactions with non-controlling parties that do not result in a change in control, the difference between the fair
\n
value of the consideration paid or received and the amount by which the non-controlling interest is adjusted, is
\n
recognised in equity.
\n
Disposals
\n
The difference between the carrying value of the net assets disposed of and the fair value of consideration received is
\n
recorded as a gain or loss on disposal. Foreign exchange translation gains or losses relating to subsidiaries, joint
\n
arrangements and associates that the Group has disposed of, and that have previously been recorded in other
\ncomprehensive income or expense, are also recognised as part of the gain or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00788": { "value": "Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company, subsidiaries
\n
controlled by the Company (see note 31 \u2018Related undertakings\u2019 to the consolidated financial statements), joint
\n
operations that are subject to joint control and the results of joint ventures and associates (see note 12
\n\u2018Associates and joint arrangements\u2019 to the consolidated financial statements). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00789": { "value": "Hyperinflationary economies
The Turkish and Ethiopian economies were designated as hyperinflationary from 30 June 2022 and 31
\n
December 2022, respectively. The Group has applied IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019
\n
to its Turkish and Ethiopian operations whose functional currencies are Turkish lira and Ethiopian birr from 1 April
\n
2022.
\n
In applying IAS 29, the Turkish lira and Ethiopian birr results and non-monetary asset and liability balances for
\n
relevant financial years have been revalued to their present value equivalent local currency amounts at the
\n
reporting date, based on the consumer price indexes issued by the Turkish Statistical Institute and the Central
\n
Statistics Agency of Ethiopia respectively. Comparative periods are not restated per IAS 21 \u2018The Effects of
\n
Changes in Foreign Exchange rates\u2019. The respective indices have risen by 38.1% and 13.6% (2024: 68.5% and
\n
26.2%. 2023: 50.5% and 31.3%) during this financial year. The revalued balances are translated to euros at the
\n
reporting date exchange rate of \u20ac1: 41.00 TRL and \u20ac1: 141.92 ETB (2024: \u20ac1: 34.94 TRL and \u20ac1: 61.43 ETB. 2023:
\n
\u20ac1: 20.85 TRL and \u20ac1: 58.59 ETB) respectively applying IAS 21.
\n\n
For the Group\u2019s operations in T\u00fcrkiye:
\n
\u2212
The gain or loss on the revaluation of net monetary assets resulting from IAS 29 application is recognised in
\n
the consolidated income statement within Other income.
\n
\u2212
The Group also presents the gain or loss on cash and cash equivalents as monetary items together with the
\n
effect of inflation on operating, investing and financing cash flows as one number in the consolidated
\n
statement of cash flows.
\n
\u2212
The Group has presented the equity revaluation effects and the impact of currency movements within other
\n
comprehensive income as such amounts are judged to meet the definition of \u2018exchange differences\u2019.
\n
For Safaricom\u2019s operations in Ethiopia, the impacts are reflected as an increase to Investments in associates and
\n
joint ventures in the Consolidated statement of financial position and an increase to Share of results of equity
\n
accounted associates and joint ventures recognised in the Consolidated income statement.
\n
The main impacts of the aforementioned adjustments for the Group\u2019s Turkish and Ethiopian operations on the
\n
consolidated financial statements are shown below.
Increase/(decrease)
2025
2024
2023
\u20acm
\u20acm
\u20acm
Impact on the consolidated income statement for the years ended
31 March
Revenue
88
111
85
Operating (loss)/profit
1
(287)
66
(87)
Loss for the financial year
1
(449)
(169)
(123)
Increase
2025
2024
2023
\u20acm
\u20acm
\u20acm
Impact on the consolidated statement of financial position at 31
March
Net assets
1,029
981
814
Equity attributable to owners of the parent
987
913
777
Non-controlling interests
41
68
37
\n
Note:
\n
1.
Includes \u20ac112 million gain on the net monetary assets/liabilities (2024: \u20ac360 million gain. 2023: \u20ac198 million gain).", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00790": { "value": "Foreign currencies
The consolidated financial statements are presented in euro, which is also the Company\u2019s functional currency.
\n
Each entity in the Group determines its own functional currency and items included in the financial statements
\n
of each entity are measured using that functional currency.
\n
With the exception of the Group\u2019s Turkish lira operations and Safaricom\u2019s Ethiopian birr operations, which are
\n
subject to hyperinflation accounting (see above), transactions in foreign currencies are initially recorded at the
\n
functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in
\n
foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on
\n
the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies
\n
are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of
\n
historical cost in a foreign currency are not retranslated.
\n
Share capital, share premium and other capital reserves are initially recorded at the functional currency rate
\n
prevailing at the date of the transaction and are not retranslated.
\n
For the purpose of presenting consolidated financial statements, the assets and liabilities of entities with a
\n
functional currency other than euro are expressed in euro using exchange rates prevailing at the reporting period
\n
date.
\n
Income and expense items and cash flows are translated at the average exchange rates for each month and
\n
exchange differences arising are recognised directly in other comprehensive income. On disposal of a foreign
\n
entity, the cumulative amount previously recognised in the consolidated statement of comprehensive income
\n
relating to that particular foreign operation is recognised in profit or loss in the consolidated income statement.
\n
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and
\n
liabilities of the foreign operation and translated accordingly.
\n
The net foreign exchange loss recognised in the consolidated income statement for the year ended 31 March
\n
2025 is \u20ac171 million (31 March 2024: \u20ac272 million loss; 2023: \u20ac111 million gain). The net gains and net losses
\n
are recorded within operating profit (2025: \u20ac146 million charge; 2024: \u20ac110 million charge; 2023: \u20ac247 million
\n
credit), financing costs (2025: \u20ac1 million charge; 2024: \u20ac173 million charge; 2023: \u20ac135 million charge) and
\nincome tax expense (2025: \u20ac24 million charge; 2024: \u20ac11 million credit; 2023: \u20ac1 million charge). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00791": { "value": "The consolidated financial statements are presented in euro, which is also the Company\u2019s functional currency.
Each entity in the Group determines its own functional currency and items included in the financial statements
\n
of each entity are measured using that functional currency.
\n
With the exception of the Group\u2019s Turkish lira operations and Safaricom\u2019s Ethiopian birr operations, which are
\n
subject to hyperinflation accounting (see above), transactions in foreign currencies are initially recorded at the
\n
functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in
\n
foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on
\n
the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies
\n
are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of
\n
historical cost in a foreign currency are not retranslated.
\n
Share capital, share premium and other capital reserves are initially recorded at the functional currency rate
\n
prevailing at the date of the transaction and are not retranslated.
\n
For the purpose of presenting consolidated financial statements, the assets and liabilities of entities with a
\n
functional currency other than euro are expressed in euro using exchange rates prevailing at the reporting period
\ndate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00792": { "value": "Inventory
Inventory is stated at the lower of cost and net realisable value. Cost is determined on the basis of weighted
\n
average costs and comprises direct materials and, where applicable, direct labour costs and those overheads that
have been incurred in bringing the inventories to their present location and condition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00793": { "value": "New accounting pronouncements adopted on 1 April 2024
The Group adopted the following new accounting policies on 1 April 2024 to comply with amendments to IFRS:
\n
\u2212
Amendments to IAS 1 \u2018Classification of Liabilities as Current or Non-current\u2019 and \u2018Non-current Liabilities with
\n
Covenants\u2019;
\n
\u2212
Amendment to IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019; and
\n
\u2212
Amendments to IAS 7 and IFRS 7 \u2018Supplier Finance Arrangements\u2019.
\n
The impact of adopting the above amendments to IAS 1 \u2018Presentation of Financial Statements\u2019 is discussed
\n
below. No material impact has resulted from the adoption of the amendments to IFRS 16. The Group has
\n
provided additional disclosures in note 15 \u2018Trade and other payables\u2019 in respect of supplier arrangements as a
\n
result of the amendments to IAS 7 and IFRS 7.
\n
Amendments to IAS 1 \u2018Presentation of Financial Statements\u2019
\n
The Group has previously classified balances relating to certain bonds as current liabilities if it was the Group\u2019s
\n
intention to exercise options to redeem them within 12 months of the reporting date. Following the adoption of
\n
the IAS 1 amendments on 1 April 2024, bonds that are repayable in more than 12 months are classified as non-
\n
current liabilities regardless of any intention to redeem the bonds early.
The impact of adopting the
\n
amendments on the consolidated statement of financial position was a reduction to the value of bonds
\n
presented within current borrowings and a matching increase in the value of bonds presented in non-current
\n
borrowings; the value of the adjustments as at 31 March 2024 was \u20ac931 million and at 31 March 2023 was
\n
\u20ac2,013 million.
\n
The Group\u2019s financial reporting is presented in accordance with these standards from 1 April 2024.
\n
New accounting pronouncements to be adopted on or after 1 April 2025
\n
The following amendment has been issued by the IASB and is effective for annual periods beginning on or after 1
\n
January 2025. This amendment has been endorsed by the UK Endorsement Board.
\n
\u2212
Amendments to IAS 21 \u2018Lack of Exchangeability\u2019.
\n
The amendment is not currently expected to have a material impact on the Group\u2019s financial reporting on
\n
adoption, but the impact is dependent on economic factors outside of the Group\u2019s control.
\n
New accounting pronouncements to be adopted on or after 1 April 2026
\n
The following new standards and amendments have been issued by the IASB but have not yet been endorsed by
\n
the UK Endorsement Board (\u2018UKEB\u2019) except where noted:
\n
\u2212
Amendments to IFRS 9 and IFRS 7 \u2018Amendments to the Classification and Measurement of Financial
\n
Instruments\u2019, which have been endorsed by the UKEB;
\n
\u2212
Amendments to IFRS 9 and IFRS 7 \u2018Contracts Referencing Nature-dependent Electricity\u2019;
\n
\u2212
Annual Improvements to IFRS Accounting Standards (Volume 11), which has been endorsed by the UKEB;
\n
\u2212
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019; and
\n
\u2212
IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures \u2018.
\n
The amendments to IFRS 9, IFRS 7 and Annual Improvements are effective for annual periods beginning on or
\n
after 1 January 2026 whilst IFRS 18 and IFRS 19 are effective for annual periods beginning on or after 1 January
\n
2027.
\n
The amendments to IFRS 19 and Annual improvements are not expected to have a material impact on the
\n
Group\u2019s financial reporting on adoption. The Group is assessing the impact of IFRS 18, IFRS 7 and IFRS 9 and the
\n
Group\u2019s financial reporting will be presented in accordance with these standards from 1 April 2026 or
subsequently as applicable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00794": { "value": "2. Revenue disaggregation and segmental analysis
The Group\u2019s businesses are managed on a geographical basis. Selected financial data is
\n
presented on this basis below.
\n
Accounting policies
\n
Revenue
\n
When the Group enters into an agreement with a customer, goods and services deliverable under the contract
\n
are identified as separate performance obligations (\u2018obligations\u2019) to the extent that the customer can benefit
\n
from the goods or services on their own and that the separate goods and services are considered distinct from
\n
other goods and services in the agreement. Where individual goods and services do not meet the criteria to be
\n
identified as separate obligations they are aggregated with other goods and/or services in the agreement until a
\n
separate obligation is identified. The obligations identified will depend on the nature of individual customer
\n
contracts, but might typically be separately identified for mobile handsets, other equipment such as set-top
\n
boxes and routers provided to customers and services provided to customers such as mobile and fixed line
\n
communication services. The Group\u2019s digital services and Internet of Things (\u2018IoT\u2019) customer offers typically
\n
include separate obligations for communications services, as well as equipment and software or software as a
\n
service (\u2018SaaS\u2019). Where goods and services have a functional dependency (for example, a fixed line router can only
\n
be used with the Group\u2019s services) this does not, in isolation, prevent those goods or services from being
\n
assessed as separate obligations. Activities relating to connecting customers to the Group\u2019s network for the
\n
future provision of services are not considered to meet the criteria to be recognised as obligations except to the
\n
extent that the control of related equipment passes to customers.
\n
The Group determines the transaction price to which it expects to be entitled in return for providing the promised
\n
obligations to the customer based on the committed contractual amounts, net of sales taxes and discounts.
\n
Where indirect channel dealers, such as retailers, acquire customer contracts on behalf of the Group and receive
\n
commission, any commissions that the dealer is compelled to use to fund discounts or other incentives to the
\n
customer are treated as payments to the customer when determining the transaction price and consequently
\n
are not included in contract acquisition costs.
\n
The transaction price is allocated between the identified obligations according to the relative standalone selling
\n
prices of the obligations. The standalone selling price of each obligation deliverable in the contract is determined
\n
according to the prices that the Group would achieve by selling the same goods and/or services included in the
\n
obligation to a similar customer on a standalone basis; where standalone selling prices are not directly
\n
observable, estimation techniques are used maximising the use of external inputs. See \u2018Critical accounting
\n
judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation\u2019 for details. Revenue is
\n
recognised when the respective obligations in the contract are delivered to the customer and cash collection is
\n
considered probable. Revenue for the provision of services, such as mobile airtime, fixed line broadband, other
\n
communications services and SaaS, is recognised when the Group provides the related service during the agreed
\n
service period.
\n
Revenue for device sales to end customers is generally recognised when the device is delivered to the end
\n
customer. For device sales made to intermediaries such as indirect channel dealers, revenue is recognised if
\n
control of the device has transferred to the intermediary and the intermediary has no right to return the device to
\n
receive a refund; otherwise revenue recognition is deferred until sale of the device to an end customer by the
\n
intermediary or the expiry of any right of return.
\n
Where refunds are issued to customers they are deducted from revenue in the relevant service period.
\n
When the Group has control of goods or services prior to delivery to a customer, then the Group is the principal in
\n
the sale to the customer. As a principal, receipts from, and payments to, suppliers are reported on a gross basis in
\n
revenue and operating costs. If another party has control of goods or services prior to transfer to a customer,
\n
then the Group is acting as an agent for the other party and revenue in respect of the relevant obligations is
\n
recognised net of any related payments to the supplier and recognised revenue represents the margin earned by
\n
the Group. See \u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of
\n
preparation\u2019 for details.
\n
Customers typically pay in advance for prepay mobile services and monthly for other communication services.
\n
Customers typically pay for handsets and other equipment either up-front at the time of sale or over the term of
\n
the related service agreement.
\n
When revenue recognised in respect of a customer contract exceeds amounts received or receivable from a
\n
customer at that time a contract asset is recognised; contract assets will typically be recognised for handsets or
\n
other equipment provided to customers where payment is recovered by the Group via future service fees. Once
\n
the amount receivable becomes conditional only on the passage of time, the contract asset becomes a trade
\n
receivable (see note 14 \u2018Trade and other receivables\u2019). If amounts received or receivable from a customer exceed
\n
revenue recognised for a contract, for example if the Group receives an advance payment from a customer, a
\n
contract liability is recognised.
\n
When contract assets or liabilities are recognised, a financing component may exist in the contract; this is
\n
typically the case when a handset or other equipment is provided to a customer up-front but payment is received
\n
over the term of the related service agreement, in which case the customer is deemed to have received
\n
financing. If a significant financing component is provided to the customer, the transaction price is reduced and
\n
interest revenue is recognised over the customer\u2019s payment period using an interest rate reflecting the relevant
\n
central bank rates and customer credit risk.
\n
Contract-related costs
\n
When costs directly relating to a specific contract are incurred prior to recognising revenue for a related
\n
obligation, and those costs enhance the ability of the Group to deliver an obligation and are expected to be
\n
recovered, then those costs are recognised in the consolidated statement of financial position as fulfilment costs
\n
and are recognised as expenses in line with the recognition of revenue when the related obligation is delivered.
\n
The direct and incremental costs of acquiring a contract including, for example, certain commissions payable to
\n
staff or agents for acquiring customers on behalf of the Group, are recognised as contract acquisition cost assets
\n
in the consolidated statement of financial position when the related payment obligation is recorded. Costs are
\n
recognised as an expense in line with the recognition of the related revenue that is expected to be earned by the
\n
Group; typically this is over the customer contract period as new commissions are payable on contract renewal.
\nCertain amounts payable to agents are deducted from revenue recognised (see above). Revenue disaggregation and segmental income statement analysis
Revenue reported for the year includes revenue from contracts with customers, comprising service and
\n
equipment revenue, as well as other revenue items including revenue from leases and interest revenue arising
\n
from transactions with a significant financing component.
\n
The table below presents Revenue and Adjusted EBITDAaL for the years ended 31 March 2025 and 31 March
\n
2024.
Revenue from
Total
Service
Equipment
contracts with
Other
Interest
segment
Adjusted
revenue
revenue
customers
revenue
1
revenue
revenue
EBITDAaL
31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Germany
10,876
942
11,818
345
17
12,180
4,384
UK
5,887
1,109
6,996
14
59
7,069
1,558
Other Europe
4,805
761
5,566
108
20
5,694
1,510
T
\u00fc
rkiye
2,484
595
3,079
7
\u2013
3,086
842
Africa
6,172
1,113
7,285
472
34
7,791
2,593
Common Functions
2
663
57
720
1,097
\u2013
1,817
45
Eliminations
(129)
\u2013
(129)
(60)
\u2013
(189)
\u2013
Group
30,758
4,577
35,335
1,983
130
37,448
10,932
Revenue from
Total
Service
Equipment
contracts with
Other
Interest
segment
Adjusted
revenue
revenue
customers
revenue
1
revenue
revenue
EBITDAaL
31 March 2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Germany
11,453
1,132
12,585
357
15
12,957
5,017
UK
5,631
1,111
6,742
54
41
6,837
1,408
Other Europe
4,722
665
5,387
102
15
5,504
1,516
T
\u00fc
rkiye
1,746
609
2,355
7
\u2013
2,362
510
Africa
5,951
1,030
6,981
409
30
7,420
2,539
Common Functions
2
559
49
608
1,256
\u2013
1,864
29
Eliminations
(150)
(1)
(151)
(76)
\u2013
(227)
\u2013
Group
29,912
4,595
34,507
2,109
101
36,717
11,019
\n
Notes:
\n
1.
Other revenue includes lease revenue recognised under IFRS 16 \u2018Leases\u2019 (see note 20 \u2018Leases\u2019).
\n
2.
Comprises central teams and business functions.
The table below presents Revenue and Adjusted EBITDAaL for the comparative year ended 31 March 2023.
Revenue from
Total
Service
Equipment
contracts with
Other
Interest
segment
Adjusted
revenue
revenue
customers
revenue
1
revenue
revenue
EBITDAaL
31 March 2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Germany
11,433
1,313
12,746
350
17
13,113
5,323
UK
5,358
1,375
6,733
58
33
6,824
1,350
Other Europe
2
5,005
602
5,607
117
20
5,744
1,632
T
\u00fc
rkiye
3
1,593
475
2,068
4
\u2013
2,072
424
Africa
6,556
1,089
7,645
403
28
8,076
2,880
Vantage Towers
\u2013
\u2013
\u2013
1,338
\u2013
1,338
795
Common Functions
4
530
47
577
1,191
\u2013
1,768
20
Eliminations
(157)
(1)
(158)
(1,105)
\u2013
(1,263)
\u2013
Group
30,318
4,900
35,218
2,356
98
37,672
12,424
Notes:
1. Other revenue includes lease revenue recognised under IFRS 16 \u2018Leases\u2019 (see note 20 \u2018Leases\u2019).
2. Includes the results of Vodafone Hungary which, as previously reported, was sold in January 2023.
3. Includes the results of Vodafone Ghana which, as previously reported, was sold in February 2023.
4.
Comprises central teams and business functions.
The total future revenue from the remaining term of Group\u2019s contracts with customers for performance
obligations not yet delivered to those customers at 31 March 2025 is \u20ac17,297 million (2024: \u20ac16,577 million;
2023: \u20ac16,354 million); of which \u20ac10,812 million (2024: \u20ac10,488 million; 2023: \u20ac10,324 million) is expected to
be recognised within the next year and the majority of the remaining amount in the following 12 months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00795": { "value": "The Group\u2019s businesses are managed on a geographical basis. Selected financial data is
presented on this basis below.
\n
Accounting policies
\n
Revenue
\n
When the Group enters into an agreement with a customer, goods and services deliverable under the contract
\n
are identified as separate performance obligations (\u2018obligations\u2019) to the extent that the customer can benefit
\n
from the goods or services on their own and that the separate goods and services are considered distinct from
\n
other goods and services in the agreement. Where individual goods and services do not meet the criteria to be
\n
identified as separate obligations they are aggregated with other goods and/or services in the agreement until a
\n
separate obligation is identified. The obligations identified will depend on the nature of individual customer
\n
contracts, but might typically be separately identified for mobile handsets, other equipment such as set-top
\n
boxes and routers provided to customers and services provided to customers such as mobile and fixed line
\n
communication services. The Group\u2019s digital services and Internet of Things (\u2018IoT\u2019) customer offers typically
\n
include separate obligations for communications services, as well as equipment and software or software as a
\n
service (\u2018SaaS\u2019). Where goods and services have a functional dependency (for example, a fixed line router can only
\n
be used with the Group\u2019s services) this does not, in isolation, prevent those goods or services from being
\n
assessed as separate obligations. Activities relating to connecting customers to the Group\u2019s network for the
\n
future provision of services are not considered to meet the criteria to be recognised as obligations except to the
\n
extent that the control of related equipment passes to customers.
\n
The Group determines the transaction price to which it expects to be entitled in return for providing the promised
\n
obligations to the customer based on the committed contractual amounts, net of sales taxes and discounts.
\n
Where indirect channel dealers, such as retailers, acquire customer contracts on behalf of the Group and receive
\n
commission, any commissions that the dealer is compelled to use to fund discounts or other incentives to the
\n
customer are treated as payments to the customer when determining the transaction price and consequently
\n
are not included in contract acquisition costs.
\n
The transaction price is allocated between the identified obligations according to the relative standalone selling
\n
prices of the obligations. The standalone selling price of each obligation deliverable in the contract is determined
\n
according to the prices that the Group would achieve by selling the same goods and/or services included in the
\n
obligation to a similar customer on a standalone basis; where standalone selling prices are not directly
\n
observable, estimation techniques are used maximising the use of external inputs. See \u2018Critical accounting
\n
judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation\u2019 for details. Revenue is
\n
recognised when the respective obligations in the contract are delivered to the customer and cash collection is
\n
considered probable. Revenue for the provision of services, such as mobile airtime, fixed line broadband, other
\n
communications services and SaaS, is recognised when the Group provides the related service during the agreed
\n
service period.
\n
Revenue for device sales to end customers is generally recognised when the device is delivered to the end
\n
customer. For device sales made to intermediaries such as indirect channel dealers, revenue is recognised if
\n
control of the device has transferred to the intermediary and the intermediary has no right to return the device to
\n
receive a refund; otherwise revenue recognition is deferred until sale of the device to an end customer by the
\n
intermediary or the expiry of any right of return.
\n
Where refunds are issued to customers they are deducted from revenue in the relevant service period.
\n
When the Group has control of goods or services prior to delivery to a customer, then the Group is the principal in
\n
the sale to the customer. As a principal, receipts from, and payments to, suppliers are reported on a gross basis in
\n
revenue and operating costs. If another party has control of goods or services prior to transfer to a customer,
\n
then the Group is acting as an agent for the other party and revenue in respect of the relevant obligations is
\n
recognised net of any related payments to the supplier and recognised revenue represents the margin earned by
\n
the Group. See \u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of
\n
preparation\u2019 for details.
\n
Customers typically pay in advance for prepay mobile services and monthly for other communication services.
\n
Customers typically pay for handsets and other equipment either up-front at the time of sale or over the term of
\n
the related service agreement.
\n
When revenue recognised in respect of a customer contract exceeds amounts received or receivable from a
\n
customer at that time a contract asset is recognised; contract assets will typically be recognised for handsets or
\n
other equipment provided to customers where payment is recovered by the Group via future service fees. Once
\n
the amount receivable becomes conditional only on the passage of time, the contract asset becomes a trade
\n
receivable (see note 14 \u2018Trade and other receivables\u2019). If amounts received or receivable from a customer exceed
\n
revenue recognised for a contract, for example if the Group receives an advance payment from a customer, a
\n
contract liability is recognised.
\n
When contract assets or liabilities are recognised, a financing component may exist in the contract; this is
\n
typically the case when a handset or other equipment is provided to a customer up-front but payment is received
\n
over the term of the related service agreement, in which case the customer is deemed to have received
\n
financing. If a significant financing component is provided to the customer, the transaction price is reduced and
\n
interest revenue is recognised over the customer\u2019s payment period using an interest rate reflecting the relevant
\n
central bank rates and customer credit risk.
\n
Contract-related costs
\n
When costs directly relating to a specific contract are incurred prior to recognising revenue for a related
\n
obligation, and those costs enhance the ability of the Group to deliver an obligation and are expected to be
\n
recovered, then those costs are recognised in the consolidated statement of financial position as fulfilment costs
\n
and are recognised as expenses in line with the recognition of revenue when the related obligation is delivered.
\n
The direct and incremental costs of acquiring a contract including, for example, certain commissions payable to
\n
staff or agents for acquiring customers on behalf of the Group, are recognised as contract acquisition cost assets
\n
in the consolidated statement of financial position when the related payment obligation is recorded. Costs are
\n
recognised as an expense in line with the recognition of the related revenue that is expected to be earned by the
\n
Group; typically this is over the customer contract period as new commissions are payable on contract renewal.
Certain amounts payable to agents are deducted from revenue recognised (see above). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00796": { "value": "The Group determines the transaction price to which it expects to be entitled in return for providing the promised
obligations to the customer based on the committed contractual amounts, net of sales taxes and discounts.
\n
Where indirect channel dealers, such as retailers, acquire customer contracts on behalf of the Group and receive
\n
commission, any commissions that the dealer is compelled to use to fund discounts or other incentives to the
\n
customer are treated as payments to the customer when determining the transaction price and consequently
\nare not included in contract acquisition costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00797": { "value": "The Group determines the transaction price to which it expects to be entitled in return for providing the promised
obligations to the customer based on the committed contractual amounts, net of sales taxes and discounts.
\n
Where indirect channel dealers, such as retailers, acquire customer contracts on behalf of the Group and receive
\n
commission, any commissions that the dealer is compelled to use to fund discounts or other incentives to the
\n
customer are treated as payments to the customer when determining the transaction price and consequently
\nare not included in contract acquisition costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00798": { "value": "Contract-related costs
When costs directly relating to a specific contract are incurred prior to recognising revenue for a related
\n
obligation, and those costs enhance the ability of the Group to deliver an obligation and are expected to be
\n
recovered, then those costs are recognised in the consolidated statement of financial position as fulfilment costs
\n
and are recognised as expenses in line with the recognition of revenue when the related obligation is delivered.
\n
The direct and incremental costs of acquiring a contract including, for example, certain commissions payable to
\n
staff or agents for acquiring customers on behalf of the Group, are recognised as contract acquisition cost assets
\n
in the consolidated statement of financial position when the related payment obligation is recorded. Costs are
\n
recognised as an expense in line with the recognition of the related revenue that is expected to be earned by the
\n
Group; typically this is over the customer contract period as new commissions are payable on contract renewal.
Certain amounts payable to agents are deducted from revenue recognised (see above). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00799": { "value": "Segmental analysis
The Group\u2019s operating segments are established on the basis of those components of the Group that are
\n
evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing
\n
performance. The Group has determined the chief operating decision maker to be its Chief Executive. The Group
\n
has a single group of similar services and products, being the supply of communications services and related
\n
products.
\n
Revenue is attributed to a country based on the location of the Group company reporting the revenue.
\n
Transactions between operating segments are charged at arm\u2019s-length prices.
\n
The operating segments for Germany, UK, T\u00fcrkiye and Africa are individually material for the Group and are each
\n
reporting segments for which certain financial information is provided. The aggregation of smaller operating
\n
segments into the Other Europe reporting segment reflects, in the opinion of management, the similar local
\n
market economic characteristics and regulatory environments for each of those operating segments as well as
\n
the similar products and services sold and comparable classes of customers. The Other Europe reporting
\n
segment (Albania, Czech Republic, Greece, Ireland, Portugal and Romania) largely reflects countries with
\n
membership or a close association with the European Union. Common Functions is a separate reporting
\n
segment and comprises activities which are undertaken primarily in central Group entities that do not meet the
\n
criteria for aggregation with other reporting segments.
\n
In October 2023 and March 2024, the Group announced the planned disposals of Vodafone Spain and Vodafone
\n
Italy, respectively. Consequently, Vodafone Spain and Vodafone Italy were classified as discontinued operations
\n
in the year ended 31 March 2024 and ceased to be reporting segments of the Group. The disposals completed
\n
on 31 May 2024 and 31 December 2024, respectively.
\n
Adjusted EBITDAaL is the Group\u2019s measure of segment profit. A reconciliation of adjusted EBITDAaL, which
\n
excludes discontinued operations, to the Group\u2019s profit or loss before taxation for the financial year is shown
\n
below.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Adjusted EBITDAaL
10,932
11,019
12,424
Restructuring costs
(164)
(703)
(538)
Interest on lease liabilities
488
440
355
Loss on disposal of property, plant and equipment and intangible
(25)
(34)
(41)
Depreciation and amortisation on owned assets
(7,569)
(7,397)
(7,520)
Share of results of equity accounted associates and joint ventures
(123)
(96)
433
Impairment (charge)/reversal
(4,515)
64
(64)
Other income
565
372
9,402
Operating (loss)/profit
(411)
3,665
14,451
Investment income
864
581
232
Finance costs
(1,931)
(2,626)
(1,609)
(Loss)/profit before taxation
(1,478)
1,620
13,074
Segmental assets
The tables below present the segmental assets at 31 March 2025, 31 March 2024 and 31 March 2023.
Non-current
Capital
Right-of-use
Other additions
Depreciation and
Impairment
assets
1
additions
2
asset additions
intangible assets
3
amortisation
charge
4
31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Germany
37,621
2,482
1,127
\u2013
4,536
4,350
UK
7,904
926
2,157
48
1,908
\u2013
Other Europe
7,304
857
474
26
1,472
165
T
\u00fc
rkiye
2,059
447
187
\u2013
681
\u2013
Africa
6,981
1,039
499
162
1,129
\u2013
Common Functions
2,281
1,142
212
\u2013
1,078
\u2013
Group
64,150
6,893
4,656
236
10,804
4,515
Non-current
Capital
Right-of-use
Other additions
Depreciation and
Impairment
assets
1
additions
2
asset additions
intangible assets
3
amortisation
reversal
4
31 March 2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Germany
42,931
2,565
1,045
\u2013
4,543
\u2013
UK
6,863
878
957
\u2013
1,733
\u2013
Other Europe
7,564
862
442
\u2013
1,447
\u2013
T
\u00fc
rkiye
1,644
320
160
120
537
(64)
Africa
6,377
1,005
296
163
1,184
\u2013
Common Functions
1,972
782
203
\u2013
970
\u2013
Group
67,351
6,412
3,103
283
10,414
(64)
Non-current
Capital
Right-of-use
Other additions
Depreciation and
Impairment
assets
1
additions
2
asset additions
intangible assets
3
amortisation
charge
4
31 March 2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Germany
43,878
2,701
2,145
2
4,154
\u2013
Italy
10,235
833
916
5
\u2013
\u2013
UK
6,629
892
1,639
\u2013
1,562
\u2013
Spain
6,331
565
742
8
\u2013
\u2013
Other Europe
7,815
927
1,104
151
1,363
\u2013
T
\u00fc
rkiye
1,502
235
150
9
546
64
Africa
6,796
1,122
246
264
1,311
\u2013
Vantage Towers
\u2013
551
318
\u2013
326
\u2013
Common Functions
2,013
839
127
\u2013
993
\u2013
Group
85,199
8,665
7,387
439
10,255
64
Notes:
1. Comprises goodwill, other intangible assets and property, plant and equipment.
2. Includes additions to: (i) property, plant and equipment (excluding right-of-use assets) and (ii) computer software, development costs
and identifiable wavelengths, reported within Intangible assets.
3. Includes additions to licences and spectrum and customer base acquisitions.
4. See note 4 \u2018Impairment losses\u2019 for more information.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00800": { "value": "The Group\u2019s operating segments are established on the basis of those components of the Group that are
evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing
\n
performance. The Group has determined the chief operating decision maker to be its Chief Executive. The Group
\n
has a single group of similar services and products, being the supply of communications services and related
\n
products.
\n
Revenue is attributed to a country based on the location of the Group company reporting the revenue.
\n
Transactions between operating segments are charged at arm\u2019s-length prices.
\n
The operating segments for Germany, UK, T\u00fcrkiye and Africa are individually material for the Group and are each
\n
reporting segments for which certain financial information is provided. The aggregation of smaller operating
\n
segments into the Other Europe reporting segment reflects, in the opinion of management, the similar local
\n
market economic characteristics and regulatory environments for each of those operating segments as well as
\n
the similar products and services sold and comparable classes of customers. The Other Europe reporting
\n
segment (Albania, Czech Republic, Greece, Ireland, Portugal and Romania) largely reflects countries with
\n
membership or a close association with the European Union. Common Functions is a separate reporting
\n
segment and comprises activities which are undertaken primarily in central Group entities that do not meet the
\ncriteria for aggregation with other reporting segments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00801": { "value": "3. Operating (loss)/profit
Detailed below are the key amounts recognised in arriving at our operating (loss)/profit
2025
2024
2023
\u20acm
\u20acm
\u20acm
Amortisation of intangible assets (Note 10)
3,695
3,515
3,380
Depreciation of property, plant and equipment (Note 11):
Owned assets
3,874
3,882
4,142
Leased assets
3,235
3,017
2,733
Impairment charge/(reversal) (Note 4)
4,515
(64)
64
Staff costs (Note 24)
5,236
5,498
5,192
Amounts related to inventory included in cost of sales
4,514
4,659
5,035
Own costs capitalised attributable to the construction or acquisition
of property, plant and equipment
(1,254)
(1,188)
(1,099)
Gain on the revaluation of net monetary assets resulting from IAS 29
application (Note 1)
(112)
(360)
(198)
Gain on disposal of Indus Towers Limited
1
714
\u2013
\u2013
Pledge arrangements in respect of Indus Towers Limited (Note 29)
1
(214)
\u2013
\u2013
Loss on disposal of Vodafone Hungary
1
\u2013
\u2013
69
Gain on disposal of Vodafone Ghana
1
\u2013
\u2013
(689)
Gain on disposal of Vantage Towers
1
\u2013
\u2013
(8,729)
\n
Note:
\n
1.
Included in Other income in the consolidated income statement.
\n
Auditor remuneration
\n
The total remuneration of the Group\u2019s auditor, Ernst & Young LLP and other member firms of Ernst & Young
\n
Global Limited, for services provided to the Group during the year ended 31 March 2025 is analysed below.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Parent company
8
7
6
Subsidiaries
19
19
22
Audit fees
1
27
26
28
Audit-related
2
3
10
3
Non-audit fees
3
10
3
Total fees
30
36
31
\n
Notes:
\n
1. Includes fees in connection with the interim review, preliminary announcement and controls audit required under Section 404 of the
\n
Sarbanes Oxley Act. In total this amounted to \u20ac2 million (2024: \u20ac1 million, 2023: \u20ac1 million).
\n
2. Fees for special purpose audits and statutory and regulatory filings during the year. Fees for the year ended 31 March 2024 are higher
\n
than fees for the other years presented, primarily due to Reporting Accountant and audit services performed during the year which were
\nrequired in connection with the merger of Vodafone UK and Three UK and the disposal of Vodafone Spain. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00802": { "value": "3. Operating (loss)/profit
Detailed below are the key amounts recognised in arriving at our operating (loss)/profit
2025
2024
2023
\u20acm
\u20acm
\u20acm
Amortisation of intangible assets (Note 10)
3,695
3,515
3,380
Depreciation of property, plant and equipment (Note 11):
Owned assets
3,874
3,882
4,142
Leased assets
3,235
3,017
2,733
Impairment charge/(reversal) (Note 4)
4,515
(64)
64
Staff costs (Note 24)
5,236
5,498
5,192
Amounts related to inventory included in cost of sales
4,514
4,659
5,035
Own costs capitalised attributable to the construction or acquisition
of property, plant and equipment
(1,254)
(1,188)
(1,099)
Gain on the revaluation of net monetary assets resulting from IAS 29
application (Note 1)
(112)
(360)
(198)
Gain on disposal of Indus Towers Limited
1
714
\u2013
\u2013
Pledge arrangements in respect of Indus Towers Limited (Note 29)
1
(214)
\u2013
\u2013
Loss on disposal of Vodafone Hungary
1
\u2013
\u2013
69
Gain on disposal of Vodafone Ghana
1
\u2013
\u2013
(689)
Gain on disposal of Vantage Towers
1
\u2013
\u2013
(8,729)
\n
Note:
\n
1.
Included in Other income in the consolidated income statement.
\n
Auditor remuneration
\n
The total remuneration of the Group\u2019s auditor, Ernst & Young LLP and other member firms of Ernst & Young
\n
Global Limited, for services provided to the Group during the year ended 31 March 2025 is analysed below.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Parent company
8
7
6
Subsidiaries
19
19
22
Audit fees
1
27
26
28
Audit-related
2
3
10
3
Non-audit fees
3
10
3
Total fees
30
36
31
\n
Notes:
\n
1. Includes fees in connection with the interim review, preliminary announcement and controls audit required under Section 404 of the
\n
Sarbanes Oxley Act. In total this amounted to \u20ac2 million (2024: \u20ac1 million, 2023: \u20ac1 million).
\n
2. Fees for special purpose audits and statutory and regulatory filings during the year. Fees for the year ended 31 March 2024 are higher
\n
than fees for the other years presented, primarily due to Reporting Accountant and audit services performed during the year which were
\nrequired in connection with the merger of Vodafone UK and Three UK and the disposal of Vodafone Spain. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00803": { "value": "3. Operating (loss)/profit
Detailed below are the key amounts recognised in arriving at our operating (loss)/profit
2025
2024
2023
\u20acm
\u20acm
\u20acm
Amortisation of intangible assets (Note 10)
3,695
3,515
3,380
Depreciation of property, plant and equipment (Note 11):
Owned assets
3,874
3,882
4,142
Leased assets
3,235
3,017
2,733
Impairment charge/(reversal) (Note 4)
4,515
(64)
64
Staff costs (Note 24)
5,236
5,498
5,192
Amounts related to inventory included in cost of sales
4,514
4,659
5,035
Own costs capitalised attributable to the construction or acquisition
of property, plant and equipment
(1,254)
(1,188)
(1,099)
Gain on the revaluation of net monetary assets resulting from IAS 29
application (Note 1)
(112)
(360)
(198)
Gain on disposal of Indus Towers Limited
1
714
\u2013
\u2013
Pledge arrangements in respect of Indus Towers Limited (Note 29)
1
(214)
\u2013
\u2013
Loss on disposal of Vodafone Hungary
1
\u2013
\u2013
69
Gain on disposal of Vodafone Ghana
1
\u2013
\u2013
(689)
Gain on disposal of Vantage Towers
1
\u2013
\u2013
(8,729)
\n
Note:
\n
1.
Included in Other income in the consolidated income statement.
\n
Auditor remuneration
\n
The total remuneration of the Group\u2019s auditor, Ernst & Young LLP and other member firms of Ernst & Young
\n
Global Limited, for services provided to the Group during the year ended 31 March 2025 is analysed below.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Parent company
8
7
6
Subsidiaries
19
19
22
Audit fees
1
27
26
28
Audit-related
2
3
10
3
Non-audit fees
3
10
3
Total fees
30
36
31
\n
Notes:
\n
1. Includes fees in connection with the interim review, preliminary announcement and controls audit required under Section 404 of the
\n
Sarbanes Oxley Act. In total this amounted to \u20ac2 million (2024: \u20ac1 million, 2023: \u20ac1 million).
\n
2. Fees for special purpose audits and statutory and regulatory filings during the year. Fees for the year ended 31 March 2024 are higher
\n
than fees for the other years presented, primarily due to Reporting Accountant and audit services performed during the year which were
\nrequired in connection with the merger of Vodafone UK and Three UK and the disposal of Vodafone Spain. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00804": { "value": "3. Operating (loss)/profit
Detailed below are the key amounts recognised in arriving at our operating (loss)/profit
2025
2024
2023
\u20acm
\u20acm
\u20acm
Amortisation of intangible assets (Note 10)
3,695
3,515
3,380
Depreciation of property, plant and equipment (Note 11):
Owned assets
3,874
3,882
4,142
Leased assets
3,235
3,017
2,733
Impairment charge/(reversal) (Note 4)
4,515
(64)
64
Staff costs (Note 24)
5,236
5,498
5,192
Amounts related to inventory included in cost of sales
4,514
4,659
5,035
Own costs capitalised attributable to the construction or acquisition
of property, plant and equipment
(1,254)
(1,188)
(1,099)
Gain on the revaluation of net monetary assets resulting from IAS 29
application (Note 1)
(112)
(360)
(198)
Gain on disposal of Indus Towers Limited
1
714
\u2013
\u2013
Pledge arrangements in respect of Indus Towers Limited (Note 29)
1
(214)
\u2013
\u2013
Loss on disposal of Vodafone Hungary
1
\u2013
\u2013
69
Gain on disposal of Vodafone Ghana
1
\u2013
\u2013
(689)
Gain on disposal of Vantage Towers
1
\u2013
\u2013
(8,729)
\n
Note:
\n
1.
Included in Other income in the consolidated income statement.
\n
Auditor remuneration
\n
The total remuneration of the Group\u2019s auditor, Ernst & Young LLP and other member firms of Ernst & Young
\n
Global Limited, for services provided to the Group during the year ended 31 March 2025 is analysed below.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Parent company
8
7
6
Subsidiaries
19
19
22
Audit fees
1
27
26
28
Audit-related
2
3
10
3
Non-audit fees
3
10
3
Total fees
30
36
31
\n
Notes:
\n
1. Includes fees in connection with the interim review, preliminary announcement and controls audit required under Section 404 of the
\n
Sarbanes Oxley Act. In total this amounted to \u20ac2 million (2024: \u20ac1 million, 2023: \u20ac1 million).
\n
2. Fees for special purpose audits and statutory and regulatory filings during the year. Fees for the year ended 31 March 2024 are higher
\n
than fees for the other years presented, primarily due to Reporting Accountant and audit services performed during the year which were
\nrequired in connection with the merger of Vodafone UK and Three UK and the disposal of Vodafone Spain. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00805": { "value": "
2025
2024
2023
\u20acm
\u20acm
\u20acm
Amortisation of intangible assets (Note 10)
3,695
3,515
3,380
Depreciation of property, plant and equipment (Note 11):
Owned assets
3,874
3,882
4,142
Leased assets
3,235
3,017
2,733
Impairment charge/(reversal) (Note 4)
4,515
(64)
64
Staff costs (Note 24)
5,236
5,498
5,192
Amounts related to inventory included in cost of sales
4,514
4,659
5,035
Own costs capitalised attributable to the construction or acquisition
of property, plant and equipment
(1,254)
(1,188)
(1,099)
Gain on the revaluation of net monetary assets resulting from IAS 29
application (Note 1)
(112)
(360)
(198)
Gain on disposal of Indus Towers Limited
1
714
\u2013
\u2013
Pledge arrangements in respect of Indus Towers Limited (Note 29)
1
(214)
\u2013
\u2013
Loss on disposal of Vodafone Hungary
1
\u2013
\u2013
69
Gain on disposal of Vodafone Ghana
1
\u2013
\u2013
(689)
Gain on disposal of Vantage Towers
1
\u2013
\u2013
(8,729)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00806": { "value": "
2025
2024
2023
\u20acm
\u20acm
\u20acm
Amortisation of intangible assets (Note 10)
3,695
3,515
3,380
Depreciation of property, plant and equipment (Note 11):
Owned assets
3,874
3,882
4,142
Leased assets
3,235
3,017
2,733
Impairment charge/(reversal) (Note 4)
4,515
(64)
64
Staff costs (Note 24)
5,236
5,498
5,192
Amounts related to inventory included in cost of sales
4,514
4,659
5,035
Own costs capitalised attributable to the construction or acquisition
of property, plant and equipment
(1,254)
(1,188)
(1,099)
Gain on the revaluation of net monetary assets resulting from IAS 29
application (Note 1)
(112)
(360)
(198)
Gain on disposal of Indus Towers Limited
1
714
\u2013
\u2013
Pledge arrangements in respect of Indus Towers Limited (Note 29)
1
(214)
\u2013
\u2013
Loss on disposal of Vodafone Hungary
1
\u2013
\u2013
69
Gain on disposal of Vodafone Ghana
1
\u2013
\u2013
(689)
Gain on disposal of Vantage Towers
1
\u2013
\u2013
(8,729)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00807": { "value": "
2025
2024
2023
\u20acm
\u20acm
\u20acm
Amortisation of intangible assets (Note 10)
3,695
3,515
3,380
Depreciation of property, plant and equipment (Note 11):
Owned assets
3,874
3,882
4,142
Leased assets
3,235
3,017
2,733
Impairment charge/(reversal) (Note 4)
4,515
(64)
64
Staff costs (Note 24)
5,236
5,498
5,192
Amounts related to inventory included in cost of sales
4,514
4,659
5,035
Own costs capitalised attributable to the construction or acquisition
of property, plant and equipment
(1,254)
(1,188)
(1,099)
Gain on the revaluation of net monetary assets resulting from IAS 29
application (Note 1)
(112)
(360)
(198)
Gain on disposal of Indus Towers Limited
1
714
\u2013
\u2013
Pledge arrangements in respect of Indus Towers Limited (Note 29)
1
(214)
\u2013
\u2013
Loss on disposal of Vodafone Hungary
1
\u2013
\u2013
69
Gain on disposal of Vodafone Ghana
1
\u2013
\u2013
(689)
Gain on disposal of Vantage Towers
1
\u2013
\u2013
(8,729)
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00808": { "value": "The total remuneration of the Group\u2019s auditor, Ernst & Young LLP and other member firms of Ernst & Young
Global Limited, for services provided to the Group during the year ended 31 March 2025 is analysed below.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Parent company
8
7
6
Subsidiaries
19
19
22
Audit fees
1
27
26
28
Audit-related
2
3
10
3
Non-audit fees
3
10
3
Total fees
30
36
31
\n
Notes:
\n
1. Includes fees in connection with the interim review, preliminary announcement and controls audit required under Section 404 of the
\n
Sarbanes Oxley Act. In total this amounted to \u20ac2 million (2024: \u20ac1 million, 2023: \u20ac1 million).
\n
2. Fees for special purpose audits and statutory and regulatory filings during the year. Fees for the year ended 31 March 2024 are higher
\n
than fees for the other years presented, primarily due to Reporting Accountant and audit services performed during the year which were
required in connection with the merger of Vodafone UK and Three UK and the disposal of Vodafone Spain. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00809": { "value": "4. Impairment losses
Impairment occurs when the carrying value of assets is greater than the present value of the
\n
net cash flows they are expected to generate. We review the carrying value of assets for each
\n
country in which we operate at least annually. For further details of our impairment review
\n
process see \u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in
\n
note 1 \u2018Basis of preparation\u2019 to the consolidated financial statements.
\n
Accounting policies
\n
Goodwill
\n
Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is an indication
\n
that the asset may be impaired.
\n
For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately
\n
identifiable cash flows, known as cash-generating units. The determination of the Group\u2019s cash-generating units
\n
is primarily based on the geographic area where the Group supplies communications services and products. If
\n
cash flows from assets within one jurisdiction are largely independent of the cash flows from other assets in that
\n
same jurisdiction and management monitors performance separately, multiple cash-generating units are
\n
identified within that geographic area.
\n
If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the
\n
impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to
\n
the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. Impairment
\n
losses recognised for goodwill are not reversible in subsequent periods.
\n
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the
\n
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
\n
current market assessments of the time value of money and the risks specific to the asset for which the
\n
estimates of future cash flows have not been adjusted.
\n
Management prepares formal five-year plans for the Group\u2019s cash-generating units, which are the basis for the
\n
value in use calculations.
\n
Property, plant and equipment, finite-lived intangible assets and equity-accounted investments
\n
At each reporting period date, the Group reviews the carrying amounts of its property, plant and equipment, finite
\n
lived intangible assets and equity-accounted investments to determine whether there is any indication that
\n
those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset
\n
is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate
\n
the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-
\n
generating unit to which the asset belongs.
\n
If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount,
\n
the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount and an
\n
impairment loss is recognised immediately in the consolidated income statement.
\n
Where there has been a change in the estimates used to determine recoverable amount and an impairment loss
\n
subsequently reverses, the carrying amount of the asset or cash-generating unit is increased to the revised
\n
estimate of its recoverable amount, not to exceed the carrying amount that would have been determined had no
\n
impairment loss been recognised for the asset or cash-generating unit in prior years and an impairment loss
\n
reversal is recognised immediately in the consolidated income statement.
\n
Impairment review
\n
Following our annual impairment review, the following impairments were recognised in the year ended 31 March
\n
2025:
\n
\u2212
Germany: \u20ac4,350 million, which has primarily arisen from the impacts of significantly lower EBITDAaL
\n
performance in the year ended 31 March 2025 and lower medium term EBITDAaL growth expectations on our
\n
determination of value in use. The key driver of both changes is materially higher competitive intensity, in the
\n
mobile market in the current year compared to the prior year ended 31 March 2024, impacting our
\n
expectations of future cash generation.; and
\n
\u2212
Romania: \u20ac165 million, reflects a discount rate increase, specifically an increase in the risk-free rate, and a
\n
downward revision of the five-year business plan.
\n
In the prior year ended 31 March 2024, the Group recognised a reversal of a \u20ac64 million impairment in the
\n
consolidated income statement within operating profit which related to our previous investment in Indus Towers
\n
Limited. Further details of events that led to the recognition of this reversal are provided later in this note.
\n
Goodwill
\n
The remaining carrying value of goodwill at 31 March was as follows:
2025
2024
\u20acm
\u20acm
Germany
15,985
20,335
Other
4,529
4,621
20,514
24,956
Key assumptions used in the value in use calculations
The key assumptions used in determining the value in use are:
\n \n
Assumption
How determined
Projected adjusted
Projected adjusted EBITDAaL has been based on experience adjusted for the
EBITDAaL
following:
\u2212
In Europe, mobile revenue is expected to benefit from increased usage as
customers transition to higher data bundles, and new consumer and business
products and services are introduced. Fixed revenue is forecast to grow as
penetration is increased and more products and services are sold to customers;
\u2212
Outside of Europe, revenue is expected to continue to grow as the penetration
of faster data-enabled devices rises along with higher data bundle attachment
rates, and new products and services are introduced; and
\u2212
Margins are expected to be impacted by negative factors such as the cost of
acquiring and retaining customers in increasingly competitive markets and by
positive factors such as the efficiencies expected from the implementation of
Group initiatives.
Projected capital
The cash flow forecasts for capital expenditure are based on experience and
expenditure
include the ongoing capital expenditure required to maintain our networks,
provide products and services in line with customer expectations, including of
higher data volumes and speeds, and to meet the population coverage
requirements of certain of the Group\u2019s licences. In Europe, capital expenditure is
required to roll out capacity-building next generation 5G and gigabit networks.
Outside of Europe, capital expenditure will be required for the continued rollout of
current and next generation mobile networks in emerging markets. Capital
expenditure includes cash outflows for the purchase of owned property, plant and
equipment and computer software.
Projected licence and
To enable the continued provision of products and services, the cash flow
spectrum payments
forecasts for licence and spectrum payments for each relevant cash-generating
unit include amounts for expected renewals and newly available spectrum. Beyond
the five-year forecast period, a long-run cost of spectrum is assumed.
\n \n
Assumption
How determined
Long-term growth rate
For the purposes of the Group\u2019s value in use calculations, a long
\u2011
term growth rate
into perpetuity is applied immediately at the end of the five-year forecast period
and is based on the lower of:
\u2212
The nominal GDP growth rate forecasts for the country of operation; and
\u2212
The long-term compound annual growth rate in adjusted EBITDAaL as
estimated by management.
Long-term compound annual growth rates determined by management may be
lower than forecast nominal GDP growth rates due to the following market-specific
factors: competitive intensity levels, maturity of business, regulatory environment
or sector-specific inflation expectations.
Pre-tax discount rate
The pre-tax discount rate for each cash-generating unit is derived such that when
applied to pre-tax cash flows it gives the same result as when the observable post-
tax weighted average cost of capital is applied to post-tax cash flows.
The assumptions used to develop discount rates for each cash-generating unit are
benchmarked to externally available data.
\u2212
The risk-free rate is derived from an average yield of a ten-year bond issued by
the government in each cash-generating unit\u2019s respective country of
operations;
\u2212
The forward-looking equity market risk premium (an investor\u2019s required rate of
return over and above a risk-free rate) is based on studies by independent
economists, the long-term average equity market risk premium and the market
risk premiums typically used by valuation practitioners;
\u2212
The asset beta reflecting the systematic risk of the telecommunications
segment relative to the market is determined from betas observed for
comparable listed telecommunications companies; and
\u2212
The region-specific leverage ratios are estimated from ratios observed for
comparable listed telecommunications companies.
Each cash-generating unit\u2019s discount rate is determined in nominal terms to match
their nominal estimates of future cash flows.
Changes in risk-free rates have increased and decreased the cash-generating unit
discount rates in the current year.
\n\n
The Group performs its annual impairment test for goodwill and indefinite lived intangible assets at 31 March and
\n
when there is an indicator of impairment of an asset. At each reporting period date, judgement is exercised by
\n
management in determining whether any internal or external sources of information observed are indicative that
\n
the carrying amount of any of the Group\u2019s cash generating units is not recoverable.
\n
Year ended 31 March 2025
\n
For the year ended 31 March 2025, the Group recorded impairment charges of \u20ac4.4 billion and \u20ac0.2 billion with
\n
respect to the Group\u2019s investments in Germany and Romania respectively. The impairment charges relate solely
\n
to goodwill and are recognised in the consolidated income statement within operating loss.
\n
The goodwill impairment charges reflect management\u2019s latest assessment of likely trading and economic
\n
conditions, including the drivers of the reduction in Germany EBITDAaL from the year ended 31 March 2024 to
\n
the year ended 31 March 2025, in the five-year business plan. The carrying values of Germany and Romania have
\n
been reduced to their value in use estimates of \u20ac30.9 billion and \u20ac0.6 billion respectively.
\n
Value in use assumptions
\n
The table below shows key assumptions used in the value in use calculations of Germany and Romania:
\n\n \n
Assumptions used in value in use calculations
Germany
Romania
%
%
Pre-tax discount rate
7.8
11.0
Long-term growth rate
1.2
2.5
Projected adjusted EBITDAaL CAGR
1
1.3
1.5
Projected capital expenditure
2
17.6 - 20.7
9.2 - 11.0
\n
Sensitivity analysis
\n
The recoverable amount estimate of the UK exceeds carrying value by \u20ac1.0 billion. If the assumptions used in the
\n
impairment review were changed to a greater extent than as presented in the following table, the changes
\n
would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2025.
\n\n \n
Change required for carrying value to equal recoverable amount
UK
pps
Pre-tax discount rate
1.5
Long-term growth rate
(1.4)
Projected adjusted EBITDAaL CAGR
1
(2.0)
Projected capital expenditure
2
3.3
\n
Notes:
\n
1. Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating
\n
units of the plans used for impairment testing.
\n
2. Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in
\n
the initial five years for all cash-generating units of the plans used for impairment testing.
\n
For the Group\u2019s operations in Germany and Romania management has prepared the following sensitivity analysis
\n
to the base case recoverable amount less carrying value for changes in pre-tax discount rate and projected
\n
adjusted EBITDAaL CAGR
\n
1
\n
assumptions. The associated impact of the change in each key assumption does not
\n
consider any consequential impact on other assumptions used in the impairment review.
\n\n \n
Recoverable amount less carrying value
Germany
Romania
\u20acbn
\u20acbn
Base case (prior to impairment charge recognition)
(4.4)
(0.2)
Change in pre-tax discount rate
Decrease by 0.5pps
(1.7)
(0.1)
Increase by 0.5pps
(6.6)
(0.2)
Change in projected adjusted EBITDAaL CAGR
1
Decrease by 2.0pps
(7.6)
(0.2)
Increase by 2.0pps
(0.8)
(0.1)
\n
Note:
\n
1. Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating
\n
units of the plans used for impairment testing.
\n
Year ended 31 March 2024
\n
The disclosures below for the year ended 31 March 2024 are as previously disclosed in the Annual Report for the
\n
year ended 31 March 2024.
\n
Indus Towers Limited
\n
Management determined the recoverable amount of the Group\u2019s investment in Indus Towers on a fair value less
\n
costs to sell basis. Indus Towers\u2019 share price was observable in a quoted market and was considered a level 1
\n
input under the fair value hierarchy in IFRS 13 \u2018Fair Value Measurement\u2019. The share price of INR291.15 per share
\n
implied a recoverable amount of INR165 billion (\u20ac1.8 billion), which exceeded the carrying value of the Group\u2019s
\n
investment at the same date. The increase in recoverable amount supported the reversal of the prior year
\n
impairment of \u20ac64 million.
\n
Value in use assumptions
\n
The table below shows key assumptions used in the value in use calculation for Germany as its carrying amount
\n
of goodwill is significant in comparison with the Group\u2019s total carrying amount of goodwill.
\n\n \n
Assumptions used in value in use calculations
Germany
%
Pre-tax discount rate
8.3
Long-term growth rate
1.0
Projected adjusted EBITDAaL CAGR
1
2.4
Projected capital expenditure
2
17.4-19.9
\n\n
Sensitivity analysis
\n
The estimated recoverable amounts of the Group\u2019s operations in Germany and the UK exceeded their carrying
\n
values by \u20ac2.3 billion and \u20ac1.6 billion respectively. If the assumptions used in the impairment review were
\n
changed to a greater extent than as presented in the following table, the changes would, in isolation, have led to
\n
an impairment loss being recognised for the year ended 31 March 2024.
Change required for carrying value to equal recoverable amount
Germany
UK
pps
pps
Pre-tax discount rate
0.5
2.2
Long-term growth rate
(0.4)
(2.1)
Projected adjusted EBITDAaL CAGR
1
(1.2)
(2.9)
Projected capital expenditure
2
3.9
4.9
\n
Notes:
\n
1. Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating
\n
units of the plans used for impairment testing.
\n
2. Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in
\n
the initial five years for all cash-generating units of the plans used for impairment testing.
\n
Year ended 31 March 2023
\n
The disclosures below for the year ended 31 March 2023 are as previously disclosed in the Annual Report for the
\n
year ended 31 March 2023.
\n
Indus Towers Limited
\n
The Group\u2019s investment in Indus Towers was tested for impairment at 31 March 2023 following a decline in Indus
\n
Towers\u2019 quoted share price. Management concluded that fair value less costs to sell was the appropriate basis to
\n
determine the recoverable amount of the Group\u2019s investment. Indus Towers\u2019 share price was observable in a
\n
quoted market and was considered a level 1 input under the fair value hierarchy in IFRS 13 \u2018Fair Value
\n
Measurement\u2019. The share price of INR143.00 per share implied a recoverable amount of INR81 billion (\u20ac0.9
\n
billion) which was lower than the carrying value of the investment at the same date. An impairment charge of
\n
\u20ac64 million was recognised to reduce the carrying value of the Group\u2019s investment to the recoverable amount in
\n
the Group\u2019s consolidated statement of financial position.
\n
Value in use assumptions
\n
The table below shows key assumptions used in the value in use calculations, and separately presented cash-
\n
generating units for which the carrying amount of goodwill is significant in comparison with the Group\u2019s total
\n
carrying amount of goodwill:
Assumptions used in value in use calculations
Germany
Italy
%
%
Pre-tax discount rate
7.8
8.9
Long-term growth rate
0.6
1.5
Projected adjusted EBITDAaL CAGR
1
1.8
1.0
Projected capital expenditure
2
19.4-19.8
16.5-17.9
\n
Sensitivity analysis
\n
The estimated recoverable amounts of the Group\u2019s operations in Germany, Italy, the UK, and Spain exceeded
\n
their carrying values by \u20ac3.2 billion, \u20ac0.2 billion, \u20ac1.3 billion, and \u20ac0.4 billion respectively. If the assumptions
\n
used in the impairment review were changed to a greater extent than as presented in the following table, the
\n
changes would, in isolation, have led to an impairment loss being recognised for the year ended 31 March 2023.
Change required for carrying value to equal recoverable amount
Germany
Italy
UK
Spain
pps
pps
pps
pps
Pre-tax discount rate
0.6
0.2
1.6
0.5
Long-term growth rate
(0.6)
(0.2)
(1.9)
(0.6)
Projected adjusted EBITDAaL CAGR
1
(1.8)
(0.5)
(4.1)
(1.5)
Projected capital expenditure
2
5.5
0.9
4.2
2.2
\n
Notes:
\n
1. Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating
\n
units of the plans used for impairment testing.
\n
2. Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in
\n
the initial five years for all cash-generating units of the plans used for impairment testing.
\n
For the Group\u2019s operations in Italy and Spain management prepared the following sensitivity analysis for changes
\n
in pre-tax discount rate and projected adjusted EBITDAaL CAGR
\n
1
\n
assumptions. The associated impact of the
\n
change in each key assumption did not consider any consequential impact on other assumptions used in the
\n
impairment review.
\n \n
Recoverable amount less carrying value
Italy
Spain
\u20acbn
\u20acbn
Base case as at 31 March 2023
0.2
0.4
Change in pre-tax discount rate
Decrease by 1pps
1.4
1.3
Increase by 1pps
(0.8)
(0.3)
Change in projected adjusted EBITDAaL CAGR
1
Decrease by 5pps
(1.6)
(0.8)
Increase by 5pps
2.3
1.8
\n
Note:
\n
1. Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating
\nunits of the plans used for impairment testing.Operating activities
Customer credit risk is managed by the Group\u2019s business units which each have policies, procedures and controls
\n
relating to customer credit risk management. Outstanding trade receivables and contract assets are regularly
\n
reviewed to monitor any changes in credit risk with concentrations of credit risk considered to be limited given
\n
that the Group\u2019s customer base is large and unrelated. The Group applies the simplified approach and records
\n
lifetime expected credit losses for trade receivables and contract assets. Expected credit losses are measured
\n
using historical cash collection data for periods of at least 24 months wherever possible and grouped into various
\n
customer segments based on product or customer type. The historical loss rates are adjusted where
\n
macroeconomic factors, for example changes in interest rates or unemployment rates, or other commercial
\n
factors are expected to have a significant impact when determining future expected credit loss rates.
\n
For trade receivables the expected credit loss provision is calculated using a provision matrix, in which the
\n
provision increases as balances age, and for receivables paid in instalments and contract assets a weighted loss
\n
rate is calculated to reflect the period over which the amounts become due for payment by the customer. Trade
\n
receivables and contract assets are written off when each business unit determines there to be no reasonable
\n
expectation of recovery and enforcement activity has ceased.
\n
Movements in the allowance for expected credit losses during the year were as follows:
Trade receivables held
Trade receivables held
at fair value through
Contract assets
at amortised cost
other comprehensive income
2025
2024
2025
2024
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April
20
78
765
1,149
78
71
Exchange movements
1
(1)
(7)
(41)
\u2013
1
Amounts charged to credit losses
on financial assets
85
96
360
419
31
82
Transfer of assets held for sale
\u2013
(31)
\u2013
(324)
\u2013
(16)
Other
1
(60)
(122)
(253)
(438)
(32)
(60)
31 March
46
20
865
765
77
78
\n
Note:
\n
1. Primarily utilisation of the provision by way of write-off.
\n
Expected credit losses are presented as net credit losses on financial assets within operating profit and
\n
subsequent recoveries of amounts previously written off are credited against the same line item.
\n
The majority of the Group\u2019s trade receivables are due for maturity within 90 days and largely comprise amounts
\n
receivable from consumers and business customers. The table below presents information on trade receivables
\n
past due\u00b9 and their associated expected credit losses:
Trade receivables at amortised cost past due
30 days
31\u201360
61\u2013180
180
Due
or less
days
days
days+
Total
31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Gross carrying amount
2,553
400
134
284
736
4,107
Expected credit loss allowance
(67)
(59)
(27)
(129)
(583)
(865)
Net carrying amount
2,486
341
107
155
153
3,242
Trade receivables at amortised cost past due
30 days
31\u201360
61\u2013180
180
Due
or less
days
days
days+
Total
31 March 2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Gross carrying amount
2,199
347
122
308
638
3,614
Expected credit loss allowance
(52)
(56)
(26)
(111)
(520)
(765)
Net carrying amount
2,147
291
96
197
118
2,849
\n
Note:
\n
1. Contract assets relate to amounts not yet due from customers. These amounts will be reclassified as trade receivables before they
become due. Trade receivables at fair value through other comprehensive income are not materially past due. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00810": { "value": "Accounting policies
Goodwill
\n
Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is an indication
\n
that the asset may be impaired.
\n
For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately
\n
identifiable cash flows, known as cash-generating units. The determination of the Group\u2019s cash-generating units
\n
is primarily based on the geographic area where the Group supplies communications services and products. If
\n
cash flows from assets within one jurisdiction are largely independent of the cash flows from other assets in that
\n
same jurisdiction and management monitors performance separately, multiple cash-generating units are
\n
identified within that geographic area.
\n
If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the
\n
impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to
\n
the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. Impairment
\n
losses recognised for goodwill are not reversible in subsequent periods.
\n
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the
\n
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
\n
current market assessments of the time value of money and the risks specific to the asset for which the
\n
estimates of future cash flows have not been adjusted.
\n
Management prepares formal five-year plans for the Group\u2019s cash-generating units, which are the basis for the
\n
value in use calculations.
\n
Property, plant and equipment, finite-lived intangible assets and equity-accounted investments
\n
At each reporting period date, the Group reviews the carrying amounts of its property, plant and equipment, finite
\n
lived intangible assets and equity-accounted investments to determine whether there is any indication that
\n
those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset
\n
is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate
\n
the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-
\n
generating unit to which the asset belongs.
\n
If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount,
\n
the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount and an
\nimpairment loss is recognised immediately in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00811": { "value": "Accounting policies
Goodwill
\n
Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is an indication
\n
that the asset may be impaired.
\n
For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately
\n
identifiable cash flows, known as cash-generating units. The determination of the Group\u2019s cash-generating units
\n
is primarily based on the geographic area where the Group supplies communications services and products. If
\n
cash flows from assets within one jurisdiction are largely independent of the cash flows from other assets in that
\n
same jurisdiction and management monitors performance separately, multiple cash-generating units are
\n
identified within that geographic area.
\n
If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the
\n
impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to
\n
the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. Impairment
\n
losses recognised for goodwill are not reversible in subsequent periods.
\n
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the
\n
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
\n
current market assessments of the time value of money and the risks specific to the asset for which the
\n
estimates of future cash flows have not been adjusted.
\n
Management prepares formal five-year plans for the Group\u2019s cash-generating units, which are the basis for the
\n
value in use calculations.
\n
Property, plant and equipment, finite-lived intangible assets and equity-accounted investments
\n
At each reporting period date, the Group reviews the carrying amounts of its property, plant and equipment, finite
\n
lived intangible assets and equity-accounted investments to determine whether there is any indication that
\n
those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset
\n
is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate
\n
the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-
\n
generating unit to which the asset belongs.
\n
If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount,
\n
the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount and an
\nimpairment loss is recognised immediately in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00812": { "value": "Accounting policies
Goodwill
\n
Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is an indication
\n
that the asset may be impaired.
\n
For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately
\n
identifiable cash flows, known as cash-generating units. The determination of the Group\u2019s cash-generating units
\n
is primarily based on the geographic area where the Group supplies communications services and products. If
\n
cash flows from assets within one jurisdiction are largely independent of the cash flows from other assets in that
\n
same jurisdiction and management monitors performance separately, multiple cash-generating units are
\n
identified within that geographic area.
\n
If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the
\n
impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to
\n
the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. Impairment
\n
losses recognised for goodwill are not reversible in subsequent periods.
\n
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the
\n
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
\n
current market assessments of the time value of money and the risks specific to the asset for which the
\n
estimates of future cash flows have not been adjusted.
\n
Management prepares formal five-year plans for the Group\u2019s cash-generating units, which are the basis for the
\nvalue in use calculations. Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s
\n
interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised
\n
at the date of acquisition.
\n
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated
\n
impairment losses. Goodwill is not subject to amortisation but is tested for impairment annually or whenever
\n
there is evidence that it may be impaired. Goodwill is denominated in the currency of the acquired entity and
\n
revalued to the closing exchange rate at each reporting period date.
\n
Negative goodwill arising on an acquisition is recognised directly in the consolidated income statement.
\n
On disposal of a subsidiary or a joint arrangement, the attributable amount of goodwill is included in the
\ndetermination of the profit or loss recognised in the consolidated income statement on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00813": { "value": "5. Investment income and financing costs
Investment income comprises interest received from investments and other receivables.
Financing costs mainly arise from interest due on bonds and commercial paper issued, bank
loans and the results of hedging transactions used to manage foreign exchange and interest
rate movements.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Investment income
Financial assets measured at amortised cost
355
327
196
Financial assets measured at fair value through profit and loss
509
254
36
864
581
232
Financing costs
Financial liabilities measured at amortised cost
Bonds
1,301
1,596
1,711
Lease liabilities
488
440
355
Bank loans and other liabilities
1
499
712
392
Interest on derivatives
(356)
(395)
(561)
Mark-to-market on derivatives
(2)
100
(423)
Foreign exchange
1
173
135
1,931
2,626
1,609
Net financing costs
1,067
2,045
1,377
Note:
1.
Interest capitalised for the year ended 31 March 2025 was \u20acnil (2024: \u20acnil, 2023: \u20ac5 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00814": { "value": "5. Investment income and financing costs
Investment income comprises interest received from investments and other receivables.
Financing costs mainly arise from interest due on bonds and commercial paper issued, bank
loans and the results of hedging transactions used to manage foreign exchange and interest
rate movements.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Investment income
Financial assets measured at amortised cost
355
327
196
Financial assets measured at fair value through profit and loss
509
254
36
864
581
232
Financing costs
Financial liabilities measured at amortised cost
Bonds
1,301
1,596
1,711
Lease liabilities
488
440
355
Bank loans and other liabilities
1
499
712
392
Interest on derivatives
(356)
(395)
(561)
Mark-to-market on derivatives
(2)
100
(423)
Foreign exchange
1
173
135
1,931
2,626
1,609
Net financing costs
1,067
2,045
1,377
Note:
1.
Interest capitalised for the year ended 31 March 2025 was \u20acnil (2024: \u20acnil, 2023: \u20ac5 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00815": { "value": "5. Investment income and financing costs
Investment income comprises interest received from investments and other receivables.
Financing costs mainly arise from interest due on bonds and commercial paper issued, bank
loans and the results of hedging transactions used to manage foreign exchange and interest
rate movements.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Investment income
Financial assets measured at amortised cost
355
327
196
Financial assets measured at fair value through profit and loss
509
254
36
864
581
232
Financing costs
Financial liabilities measured at amortised cost
Bonds
1,301
1,596
1,711
Lease liabilities
488
440
355
Bank loans and other liabilities
1
499
712
392
Interest on derivatives
(356)
(395)
(561)
Mark-to-market on derivatives
(2)
100
(423)
Foreign exchange
1
173
135
1,931
2,626
1,609
Net financing costs
1,067
2,045
1,377
Note:
1.
Interest capitalised for the year ended 31 March 2025 was \u20acnil (2024: \u20acnil, 2023: \u20ac5 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00816": { "value": "5. Investment income and financing costs
Investment income comprises interest received from investments and other receivables.
Financing costs mainly arise from interest due on bonds and commercial paper issued, bank
loans and the results of hedging transactions used to manage foreign exchange and interest
rate movements.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Investment income
Financial assets measured at amortised cost
355
327
196
Financial assets measured at fair value through profit and loss
509
254
36
864
581
232
Financing costs
Financial liabilities measured at amortised cost
Bonds
1,301
1,596
1,711
Lease liabilities
488
440
355
Bank loans and other liabilities
1
499
712
392
Interest on derivatives
(356)
(395)
(561)
Mark-to-market on derivatives
(2)
100
(423)
Foreign exchange
1
173
135
1,931
2,626
1,609
Net financing costs
1,067
2,045
1,377
Note:
1.
Interest capitalised for the year ended 31 March 2025 was \u20acnil (2024: \u20acnil, 2023: \u20ac5 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00817": { "value": "
2025
2024
2023
\u20acm
\u20acm
\u20acm
Investment income
Financial assets measured at amortised cost
355
327
196
Financial assets measured at fair value through profit and loss
509
254
36
864
581
232
Financing costs
Financial liabilities measured at amortised cost
Bonds
1,301
1,596
1,711
Lease liabilities
488
440
355
Bank loans and other liabilities
1
499
712
392
Interest on derivatives
(356)
(395)
(561)
Mark-to-market on derivatives
(2)
100
(423)
Foreign exchange
1
173
135
1,931
2,626
1,609
Net financing costs
1,067
2,045
1,377
Note:
1.
Interest capitalised for the year ended 31 March 2025 was \u20acnil (2024: \u20acnil, 2023: \u20ac5 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00818": { "value": "
2025
2024
2023
\u20acm
\u20acm
\u20acm
Investment income
Financial assets measured at amortised cost
355
327
196
Financial assets measured at fair value through profit and loss
509
254
36
864
581
232
Financing costs
Financial liabilities measured at amortised cost
Bonds
1,301
1,596
1,711
Lease liabilities
488
440
355
Bank loans and other liabilities
1
499
712
392
Interest on derivatives
(356)
(395)
(561)
Mark-to-market on derivatives
(2)
100
(423)
Foreign exchange
1
173
135
1,931
2,626
1,609
Net financing costs
1,067
2,045
1,377
Note:
1.
Interest capitalised for the year ended 31 March 2025 was \u20acnil (2024: \u20acnil, 2023: \u20ac5 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00819": { "value": "
2025
2024
2023
\u20acm
\u20acm
\u20acm
Investment income
Financial assets measured at amortised cost
355
327
196
Financial assets measured at fair value through profit and loss
509
254
36
864
581
232
Financing costs
Financial liabilities measured at amortised cost
Bonds
1,301
1,596
1,711
Lease liabilities
488
440
355
Bank loans and other liabilities
1
499
712
392
Interest on derivatives
(356)
(395)
(561)
Mark-to-market on derivatives
(2)
100
(423)
Foreign exchange
1
173
135
1,931
2,626
1,609
Net financing costs
1,067
2,045
1,377
Note:
1.
Interest capitalised for the year ended 31 March 2025 was \u20acnil (2024: \u20acnil, 2023: \u20ac5 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00820": { "value": "
2025
2024
2023
\u20acm
\u20acm
\u20acm
Investment income
Financial assets measured at amortised cost
355
327
196
Financial assets measured at fair value through profit and loss
509
254
36
864
581
232
Financing costs
Financial liabilities measured at amortised cost
Bonds
1,301
1,596
1,711
Lease liabilities
488
440
355
Bank loans and other liabilities
1
499
712
392
Interest on derivatives
(356)
(395)
(561)
Mark-to-market on derivatives
(2)
100
(423)
Foreign exchange
1
173
135
1,931
2,626
1,609
Net financing costs
1,067
2,045
1,377
Note:
1.
Interest capitalised for the year ended 31 March 2025 was \u20acnil (2024: \u20acnil, 2023: \u20ac5 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00821": { "value": "6. Taxation
This note explains how our Group tax charge arises. The deferred tax section of the note also
provides information on our expected future tax charges and sets out the tax assets held
across the Group together with our view on whether or not we expect to be able to make use
of these in the future.
Accounting policies
Income tax expense represents the sum of current and deferred taxes.
Current tax payable or recoverable is based on taxable profit for the year. Taxable profit differs from profit as
reported in the consolidated income statement because some items of income or expense are taxable or
deductible in different years or may never be taxable or deductible. The Group\u2019s liability for current tax is
calculated using tax rates and laws that have been enacted or substantively enacted by the reporting period date.
The Group recognises provisions for uncertain tax positions when the Group has a present obligation as a result
of a past event and management judge that it is probable that there will be a future outflow of economic benefits
from the Group to settle the obligation. Uncertain tax positions are assessed and measured on an issue-by-issue
basis within the jurisdictions that we operate either using management\u2019s estimate of the most likely outcome
where the issues are binary, or the expected value approach where the issues have a range of possible outcomes.
The Group recognises interest on late paid taxes as part of financing costs, and, if applicable, classifies tax
penalties as part of the income tax expense if the penalties are based on profits.
Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences
between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax
bases used in the computation of taxable profit. It is accounted for using the statement of financial position
liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is probable that taxable temporary differences or taxable
profits will be available against which deductible temporary differences can be utilised.
Such assets and liabilities are not recognised if the temporary difference, or net temporary difference arises in a
transaction that gives rise to both taxable and deductible temporary differences, arises from the initial
recognition (other than in a business combination) of assets and liabilities and affects neither the taxable profit
nor the accounting profit. Deferred tax liabilities are also not recognised to the extent they arise from the initial
recognition of non-tax deductible goodwill.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and
associates, and interests in joint arrangements, except where the Group is able to control the reversal of the
temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect
changes in the Group\u2019s assessment that sufficient taxable profits will be available to allow all the recognised
asset to be recovered.
\n
6. Taxation (continued)
\n
Deferred tax is calculated at the tax rates that are expected to apply in the periods when the liability is settled or
\n
the asset realised, based on tax rates that have been enacted or substantively enacted by the reporting period
\n
date. The group does not discount deferred tax balances.
\n
Tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against
\n
current tax liabilities and when they either relate to income taxes levied by the same taxation authority on either
\n
the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities
\n
on a net basis.
\n
Tax is charged or credited to the income statement, except when it relates to items charged or credited to other
\n
comprehensive income or directly to equity, in which case the tax is recognised in other comprehensive income
\n
or in equity.
2025
2024
2023
Income tax expense
\u20acm
\u20acm
\u20acm
United Kingdom corporation tax expense:
Current year
59
70
4
Adjustments in respect of prior years
(8)
1
4
51
71
8
Overseas current tax expense/(credit):
Current year
997
670
924
Adjustments in respect of prior years
(68)
25
(26)
929
695
898
Total current tax expense
980
766
906
Deferred tax on origination and reversal of temporary differences:
United Kingdom deferred tax
(91)
(36)
(71)
Overseas deferred tax
1,357
(680)
(343)
Total deferred tax expense/(credit)
1,266
(716)
(414)
Total income tax expense
2,246
50
492
\n
Tax charged/(credited) directly to other comprehensive income
2025
2024
2023
\u20acm
\u20acm
\u20acm
Current tax
(1)
2
3
Deferred tax
49
(579)
305
Total tax charged/(credited) directly to other comprehensive
income
48
(577)
308
\n
Tax charged directly to equity
2025
2024
2023
\u20acm
\u20acm
\u20acm
Current tax
4
\u2013
\u2013
Deferred tax
3
4
7
Total tax charged directly to equity
7
4
7
\n
Factors affecting the tax expense in the year
\n
The table below explains the differences between the expected tax expense, being the aggregate of the Group\u2019s
\n
geographical split of profits multiplied by the relevant local tax rates and the Group\u2019s total tax expense for each
\n
year.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Continuing (loss)/profit before tax as shown in the consolidated
income statement
(1,478)
1,620
13,074
(Loss)/profit at weighted average statutory tax rate
(729)
363
2,787
Impairment loss with no tax effect
1
1,361
\u2013
18
Disposal of Group investments
2
146
174
(1,718)
Effect of taxation of associates and joint ventures, reported within
(loss)/profit before tax
28
23
(125)
Deferred tax credit following revaluation of investments in
Luxembourg
\u2013
\u2013
(393)
Previously unrecognised temporary differences and losses we expect
to use in the future
3
\u2013
(1,021)
(16)
Previously recognised temporary differences and losses we no longer
expect to use in the future
25
\u2013
\u2013
Current year temporary differences (including losses) that we
currently do not expect to use
33
84
81
Adjustments in respect of prior year tax liabilities
(108)
89
(29)
Impact of tax credits and irrecoverable taxes
108
147
80
Deferred tax on unremitted earnings
27
1
(6)
Effect of current year changes in statutory tax rates on deferred tax
balances
4
721
(19)
35
Settlement of the VISPL tax cases
185
\u2013
\u2013
Financing costs and similar not deductible/(taxable) for tax purposes
137
214
(27)
Revaluation of assets for tax purposes in T
\u00fc
rkiye
5
128
(65)
(338)
Expenses not deductible for tax purposes
184
60
143
Income tax expense
2,246
50
492
\n
Notes:
\n
1. The Group recorded impairment charges of \u20ac4,350 million and \u20ac165 million with respect to the Group's investments in Germany and
\n
Romania respectively, which are permanently non-deductible for tax purposes.
\n
2. The amount for 2025 includes \u20ac164 million of tax in relation to the 10.33% disposal of Vantage Towers, offset by a \u20ac(109) million credit
\n
in relation to the non-taxable disposal of Indus Towers reduced by \u20ac56 million non-deductible settlement of MSA obligations that
\n
resulted in the release of the secondary pledge. The amount for 2024 includes \u20ac110 million of tax relating to income of the continuing
\n
Group presented in Discontinued Operations, \u20ac37 million in relation to the disposal of M-Pesa Holding Company Limited and \u20ac30
\n
million in relation to the Vantage Towers disposal. The amount for 2023 relates to the disposal of Vantage Towers into a joint venture
\n
and the tax-exempt disposals of Vodafone Hungary and Vodafone Ghana. See note 27 \u2018Acquisitions and disposals\u2019.
\n
3. The amount in 2024 includes \u20ac1,019 million of additional losses recognised in Luxembourg.
\n
4. The amount for 2025 includes \u20ac719 million in relation to a 1% corporate income tax rate reduction in Luxembourg.
\n
5. The amounts for 2025, 2024 and 2023 relate to inflation adjustments in T\u00fcrkiye.
Deferred tax
The table below is an analysis of movements in the net deferred tax asset balance during the year.
2025
2024
\u20acm
\u20acm
1 April
19,478
18,545
Adjustment relating to assets Held for Sale
\u2013
(422)
Foreign exchange movements
95
(32)
(Charged) / credited to the income statement
(1,266)
716
(Charged) / credited directly to OCI
(49)
579
(Charged) / credited directly to equity
(3)
(4)
Indexation of the opening balance in respect of hyperinflation in T
\u00fc
rkiye
(18)
96
Arising on acquisitions and disposals
(2)
\u2013
31 March
18,235
19,478
Deferred tax assets and liabilities, before offset of balances within countries, are as follows:
Amount
Net
credited/
recognised
(expensed)
Gross
Gross
Less
deferred tax
in income
deferred
deferred tax
amounts
asset/
statement
tax asset
liability
unrecognised
(liability)
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Tangible assets
(6)
2,831
(1,133)
\u2013
1,698
Intangible assets
133
266
(1,036)
(3)
(773)
Tax losses
(1,256)
31,367
\u2013
(13,843)
17,524
Treasury related items
(43)
583
(214)
(568)
(199)
Temporary differences relating to revenue
recognition
(28)
83
(789)
\u2013
(706)
Temporary differences relating to leases
(28)
1,537
(1,340)
\u2013
197
Other temporary differences
(38)
716
(209)
(13)
494
31 March 2025
(1,266)
37,383
(4,721)
(14,427)
18,235
Analysed in the balance sheet, after offset of balances within countries, as:
\u20acm
Deferred tax asset
19,033
Deferred tax liability
(798)
31 March 2025
18,235
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
At 31 March 2024, deferred tax assets and liabilities, before offset of balances within countries, were as follows:
Amount
Net
credited/
recognised
(expensed)
Gross
Gross
Less
deferred tax
in income
deferred
deferred tax
amounts
asset/
statement
tax asset
liability
unrecognised
(liability)
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Tangible assets
(176)
2,656
(1,174)
10
1,492
Intangible assets
354
367
(1,177)
11
(799)
Tax losses
455
32,830
\u2013
(14,051)
18,779
Treasury related items
19
594
(138)
(569)
(113)
Temporary differences relating to revenue
recognition
(61)
2
(677)
\u2013
(675)
Temporary differences relating to leases
(16)
1,576
(1,354)
\u2013
222
Other temporary differences
141
892
(306)
(14)
572
31 March 2024
716
38,917
(4,826)
(14,613)
19,478
\n
At 31 March 2024, analysed in the balance sheet, after offset of balances within countries, as:
\u20acm
Deferred tax asset
20,177
Deferred tax liability
(699)
31 March 2024
19,478
\n\n
Factors affecting the tax charge in future years
\n
The Group\u2019s future tax charge, and effective tax rate, could be affected by several factors including tax reform in
\n
countries around the world, including any arising from the OECD\u2019s or European Commission\u2019s work on the
\n
taxation of the digital economy and European Commission initiatives such as the Minimum Tax directive,
\n
Business in Europe: Framework for Income Taxation \u2018BEFIT\u2019 or as a consequence of state aid investigations, future
\n
corporate acquisitions and disposals, any restructuring of our businesses and the resolution of open tax issues
\n
(see below).
\n
The Group is routinely subject to audit by tax authorities in the territories in which it operates. The Group
\n
considers each issue on its merits and, where appropriate, holds provisions in respect of the potential tax liability
\n
that may arise. As at 31 March 2025, the Group holds provisions for such potential liabilities of \u20ac314 million
\n
(2024: \u20ac445 million). These provisions relate to multiple issues across the jurisdictions in which the Group
\n
operates.
\n
As the tax impact of a transaction can be uncertain until a conclusion is reached with the relevant tax authority or
\n
through a legal process, the amount ultimately paid may differ materially from the amount accrued and could
\n
therefore affect the Group's overall profitability and cash flows in future periods. See note 29 \u2018Contingent
\n
liabilities and legal proceedings\u2019 to the consolidated financial statements.
\n
The tables below present the gross amount and expiry dates of losses available for carry forward for the year
\n
ended 31 March 2025 and the comparative year ended 31 March 2024.
\n\n \n
Expiring
Expiring
within
beyond
5 years
5 years
Unlimited
Total
31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
Losses for which a deferred tax asset is recognised
68
\u2013
78,045
78,113
Losses for which no deferred tax is recognised
98
15,982
40,403
56,483
166
15,982
118,448
134,596
\n\n \n
Expiring
Expiring
within
beyond
5 years
5 years
Unlimited
Total
31 March 2024
\u20acm
\u20acm
\u20acm
\u20acm
Losses for which a deferred tax asset is recognised
20
\u2013
80,224
80,244
Losses for which no deferred tax is recognised
313
15,653
40,378
56,344
333
15,653
120,602
136,588
\n
Deferred tax assets on losses in Luxembourg
\n
Included in the table above are losses of \u20ac65,200 million (2024: \u20ac67,016 million) that have arisen in Luxembourg
\n
companies. A deferred tax asset of \u20ac15,563 million (2024: \u20ac16,714 million) has been recognised in respect of
\n
these losses, as we conclude it is probable that the Luxembourg entities will continue to generate taxable profits
\n
in the future against which we can utilise these losses. These tax losses principally arose from historical
\n
impairments, primarily following the acquisition of the Mannesmann Group in 2000. These losses also arose prior
\n
to the 2017 tax reform in Luxembourg and are available to carry forward indefinitely.
\n
Losses incurred after the 2017 tax reform in Luxembourg, expire after 17 years and can only be used after any
\n
pre-existing losses on a first-in-first-out basis. The Luxembourg companies have \u20ac15,958 million (2024; \u20ac15,933
\n
million) of post-2017 losses, which will fully expire in 15 years. No deferred tax asset is recognised for these post-
\n
2017 losses on the basis that they are not forecast to be used prior to the expiry of their 17 year life.
\n
We also have \u20ac9,136 million (2024: \u20ac9,136 million) of Luxembourg losses in a former Cable & Wireless
\n
Worldwide Group company, for which no deferred tax asset has been recognised as it is uncertain whether these
\n
losses will be utilised.
\n
During the year, the Luxembourg Corporate Income Tax rate reduced by 1% causing a write-down of the
\n
Luxembourg deferred tax asset by \u20ac719 million. There is no cash tax impact. The Luxembourg companies utilised
\n
\u20ac1,815 million of their pre-2017 losses in the current year, representing \u20ac433 million of the deferred tax asset
\n
and 2.8% of the recognised deferred tax asset.
\n
Following restructuring in December 2022, which saw the Luxembourg companies dispose of their investments
\n
in the Group\u2019s non-Luxembourg operating companies, the profits and losses in Luxembourg are no longer
\n
expected to be significantly impacted by changes in the value of the Luxembourg companies\u2019 investments. The
\n
recovery of the deferred tax asset is expected to be driven by the recurring profits of the Luxembourg companies.
\n
These recurring profits are derived from the Group\u2019s internal financing, centralised procurement, and
\n
international roaming activities. These activities have consistently generated taxable profits of over \u20ac1 billion per
\n
annum throughout their existence.
The Group has reviewed the latest five-year forecasts for the Luxembourg
\n
companies, including their ability and the Group\u2019s intention to continue to generate income beyond this period.
\n
The forecasts consider the impact of the current market conditions on the existing financing activities, including
\n
the current view of future interest rates, levels of intragroup financing, as well as the future profits generated
\n
from the procurement and roaming activities.
\n
This assessment also included a review of the commercial structures supporting the profits generated from
\n
these activities and considered the factors, under the Group\u2019s control, which could impact the ability of these
\n
activities to generate taxable profits. We have assessed that the current structure continues to be sustainable
\n
under the tax laws substantively enacted at the reporting period date and the Group\u2019s intentions to keep these
\n
activities in Luxembourg remains unchanged.
\n
Based on the current forecasts, \u20ac3,065 million (20%) (2024: \u20ac3,306 million) of the deferred tax asset is forecast
\n
to be used within the next 10 years, and \u20ac6,194 million (40%) (2024: \u20ac6,344 million) used within 20 years. The
\n
losses are projected to be fully utilised over the next 47 to 52 years (2024: 52 to 57 years).
\n
The decrease in the recovery period compared to the prior year is principally a result of higher forecast interest
\n
rates, resulting in higher retained margins on existing financing activities. An increase or decrease in the forecast
\n
income in Luxembourg in each year of 5%-10% would change the period over which the losses will be fully
\n
utilised by 3 to 6 years either way. The Group uses different scenarios to forecast income to understand the
\n
impact that a change in interest rates or level of debt advanced by the Luxembourg companies could have on
\n
the recovery period of the losses.
\n
The Group does not currently recognise deferred tax assets which are forecast to be used 60 years beyond the
\n
reporting period date.
\n
Any future changes in tax law or the structure of the Group could have a significant effect on the use of the
\n
Luxembourg losses, including the period over which these losses can be utilised. On the basis that future
\n
changes in tax laws are unknown, the profit forecasts assume that existing tax laws continue.
\n
Based on the above factors the Group concludes that it is probable that the Luxembourg companies will
\n
continue to generate taxable profits in the future against which it will use these losses.
\n
Deferred tax assets in the UK
\n
The Group has a recognised UK deferred tax asset of \u20ac2,566 million (2024: \u20ac2,485 million). This consists
\n
primarily of excess capital allowances, which can be claimed on a reducing balance basis, held by the current UK
\n
tax group consisting of the UK operating company along with financing, holding and group service companies.
\n
The Group has reviewed the latest 5-year forecasts for the current UK tax group which incorporates the inherent
\n
risks of operating in the telecommunications sector. In the period beyond the 5-year forecast we have reviewed
\n
the profits inherent in the terminal period taking into account the forecast level of external debt held by the
\n
Group and the future profitability of material UK entities including Vodafone UK.
\u202f
\n
Based on the current forecasts, the deferred tax asset is expected to be recovered over the next 46 years (2024:
\n
27 years). The recovery period has increased compared to the prior year primarily due to an updated forecast of
\n
future taxable income arising in the UK tax group in addition to refinements to our modelling of future UK taxable
\n
income. An increase or decrease in the forecast net taxable income in the current UK tax group in each year of
\n
5%-10% would change the period over which the deferred tax asset will be fully utilised by 1-2 years either way.
\n
The Group does not currently recognise deferred tax assets which are forecast to be used 60 years beyond the
\n
reporting period date.
\n
Any future changes in tax law or the structure of the Group could have a significant effect on the use of the UK
\n
capital allowances and other deferred tax assets, including the period over which these can be utilised.
\n
On the basis that future changes in tax laws are unknown, the profit forecasts assume that existing tax laws
\n
continue.
\n
Based on the above factors the Group concludes that it is probable that the current UK tax group will continue to
\n
generate taxable profits in the future against which it will use these capital allowances and other deferred tax
\n
assets.
\n
In June 2023 we announced a binding agreement to combine our Vodafone UK business with Three UK to form
\n
a new merged UK business (the \u201cmerged UK Group\u201d). Following the completion of this transaction merged UK
\n
Group will form a separate UK tax group, and the
recognition of Vodafone UK\u2019s deferred tax asset will be assessed
\n
by reference to the taxable profit forecast of that newly combined business. The deferred tax assets of the
\n
remainder of the UK group will be assessed by reference to the taxable profits generated by existing group
\n
service activities, brand and financing income, including that arising from lending into the merged UK group. We
\n
expect the recovery period of the deferred tax assets of both the merged UK group and the remainder of the UK
\n
group to be lower than 46 years at 31 March 2026.
\n
The Group has capital losses amounting to \u20ac29,762 million (2024: \u20ac29,713 million) in respect of UK subsidiaries
\n
which are only available for offset against future capital gains and, due to the UK Substantial Shareholding
\n
Exemption rules, we do not believe it is probable we will utilise these losses such that no deferred tax asset has
\n
been recognised, as in the prior year.
\n
Deferred tax assets on losses in Germany
\n
The Group has a recognised deferred tax asset of \u20ac1,950 million (2024: \u20ac2,029 million) in Germany in respect
of
\n
losses arising primarily on the write down of investments in Germany in 2000. The losses relate to German
\n
corporate tax and trade tax liabilities, and they do not expire. The Group concluded it is probable that the German
\n
business will generate sufficient taxable profits in the future against which we can utilise these losses. The Group
\n
has reviewed the latest five -year forecasts for the German business, and the inherent risks of operating in the
\n
telecommunications business. In the period beyond the 5-year forecast, the Group continues to take into
\n
consideration the implications of the Growth Opportunities Act, substantively enacted in March 2024 which
\n
introduces new interest restriction rules applying to both corporate and trade tax and for which a grace-period to
\n
31 December 2024 was introduced during the year. We expect to fully utilise the trade tax losses within 4-5 years,
\n
and corporate tax losses within 14-15 years.
\n
Unremitted earnings
\n
No deferred tax liability has been recognised in respect of a further \u20ac39,199
million (2024: \u20ac38,380 million) of
\n
unremitted earnings of subsidiaries because the Group is able to control the timing of the reversal of the
\n
temporary difference, and it is probable that such differences will not reverse in the foreseeable future.
It is not
\n
practicable to estimate the amount of unrecognised deferred tax liabilities in respect of these unremitted
\n
earnings.
\n
Pillar Two - Global Minimum Tax
\n
The BEPS Pillar Two Minimum Tax legislation was enacted in July 2023 in the UK with effect from financial years
\n
commencing on or after 1 January 2024. The Group has applied the temporary exception under IAS 12 in
\n
relation to the accounting for deferred taxes arising from the implementation of the Pillar Two rules. The FY25
\ntax charge includes a current tax charge of \u20ac7 million relating to Pillar 2 income taxes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00823": { "value": "Accounting policies
Income tax expense represents the sum of current and deferred taxes.
Current tax payable or recoverable is based on taxable profit for the year. Taxable profit differs from profit as
reported in the consolidated income statement because some items of income or expense are taxable or
deductible in different years or may never be taxable or deductible. The Group\u2019s liability for current tax is
calculated using tax rates and laws that have been enacted or substantively enacted by the reporting period date.
The Group recognises provisions for uncertain tax positions when the Group has a present obligation as a result
of a past event and management judge that it is probable that there will be a future outflow of economic benefits
from the Group to settle the obligation. Uncertain tax positions are assessed and measured on an issue-by-issue
basis within the jurisdictions that we operate either using management\u2019s estimate of the most likely outcome
where the issues are binary, or the expected value approach where the issues have a range of possible outcomes.
The Group recognises interest on late paid taxes as part of financing costs, and, if applicable, classifies tax
penalties as part of the income tax expense if the penalties are based on profits.
Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences
between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax
bases used in the computation of taxable profit. It is accounted for using the statement of financial position
liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is probable that taxable temporary differences or taxable
profits will be available against which deductible temporary differences can be utilised.
Such assets and liabilities are not recognised if the temporary difference, or net temporary difference arises in a
transaction that gives rise to both taxable and deductible temporary differences, arises from the initial
recognition (other than in a business combination) of assets and liabilities and affects neither the taxable profit
nor the accounting profit. Deferred tax liabilities are also not recognised to the extent they arise from the initial
recognition of non-tax deductible goodwill.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and
associates, and interests in joint arrangements, except where the Group is able to control the reversal of the
temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect
changes in the Group\u2019s assessment that sufficient taxable profits will be available to allow all the recognised
asset to be recovered.
\n
6. Taxation (continued)
\n
Deferred tax is calculated at the tax rates that are expected to apply in the periods when the liability is settled or
\n
the asset realised, based on tax rates that have been enacted or substantively enacted by the reporting period
\n
date. The group does not discount deferred tax balances.
\n
Tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against
\n
current tax liabilities and when they either relate to income taxes levied by the same taxation authority on either
\n
the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities
\n
on a net basis.
\n
Tax is charged or credited to the income statement, except when it relates to items charged or credited to other
\n
comprehensive income or directly to equity, in which case the tax is recognised in other comprehensive income
\nor in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00824": { "value": "Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences
between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax
bases used in the computation of taxable profit. It is accounted for using the statement of financial position
liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is probable that taxable temporary differences or taxable
profits will be available against which deductible temporary differences can be utilised.
Such assets and liabilities are not recognised if the temporary difference, or net temporary difference arises in a
transaction that gives rise to both taxable and deductible temporary differences, arises from the initial
recognition (other than in a business combination) of assets and liabilities and affects neither the taxable profit
nor the accounting profit. Deferred tax liabilities are also not recognised to the extent they arise from the initial
recognition of non-tax deductible goodwill.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and
associates, and interests in joint arrangements, except where the Group is able to control the reversal of the
temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect
changes in the Group\u2019s assessment that sufficient taxable profits will be available to allow all the recognised
asset to be recovered.
\n
6. Taxation (continued)
\n
Deferred tax is calculated at the tax rates that are expected to apply in the periods when the liability is settled or
\n
the asset realised, based on tax rates that have been enacted or substantively enacted by the reporting period
\n
date. The group does not discount deferred tax balances.
\n
Tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against
\n
current tax liabilities and when they either relate to income taxes levied by the same taxation authority on either
\n
the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities
\n
on a net basis.
\n
Tax is charged or credited to the income statement, except when it relates to items charged or credited to other
\n
comprehensive income or directly to equity, in which case the tax is recognised in other comprehensive income
\nor in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00822": { "value": "Deferred tax
The table below is an analysis of movements in the net deferred tax asset balance during the year.
2025
2024
\u20acm
\u20acm
1 April
19,478
18,545
Adjustment relating to assets Held for Sale
\u2013
(422)
Foreign exchange movements
95
(32)
(Charged) / credited to the income statement
(1,266)
716
(Charged) / credited directly to OCI
(49)
579
(Charged) / credited directly to equity
(3)
(4)
Indexation of the opening balance in respect of hyperinflation in T
\u00fc
rkiye
(18)
96
Arising on acquisitions and disposals
(2)
\u2013
31 March
18,235
19,478
Deferred tax assets and liabilities, before offset of balances within countries, are as follows:
Amount
Net
credited/
recognised
(expensed)
Gross
Gross
Less
deferred tax
in income
deferred
deferred tax
amounts
asset/
statement
tax asset
liability
unrecognised
(liability)
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Tangible assets
(6)
2,831
(1,133)
\u2013
1,698
Intangible assets
133
266
(1,036)
(3)
(773)
Tax losses
(1,256)
31,367
\u2013
(13,843)
17,524
Treasury related items
(43)
583
(214)
(568)
(199)
Temporary differences relating to revenue
recognition
(28)
83
(789)
\u2013
(706)
Temporary differences relating to leases
(28)
1,537
(1,340)
\u2013
197
Other temporary differences
(38)
716
(209)
(13)
494
31 March 2025
(1,266)
37,383
(4,721)
(14,427)
18,235
Analysed in the balance sheet, after offset of balances within countries, as:
\u20acm
Deferred tax asset
19,033
Deferred tax liability
(798)
31 March 2025
18,235
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
At 31 March 2024, deferred tax assets and liabilities, before offset of balances within countries, were as follows:
Amount
Net
credited/
recognised
(expensed)
Gross
Gross
Less
deferred tax
in income
deferred
deferred tax
amounts
asset/
statement
tax asset
liability
unrecognised
(liability)
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Tangible assets
(176)
2,656
(1,174)
10
1,492
Intangible assets
354
367
(1,177)
11
(799)
Tax losses
455
32,830
\u2013
(14,051)
18,779
Treasury related items
19
594
(138)
(569)
(113)
Temporary differences relating to revenue
recognition
(61)
2
(677)
\u2013
(675)
Temporary differences relating to leases
(16)
1,576
(1,354)
\u2013
222
Other temporary differences
141
892
(306)
(14)
572
31 March 2024
716
38,917
(4,826)
(14,613)
19,478
\n
At 31 March 2024, analysed in the balance sheet, after offset of balances within countries, as:
\u20acm
Deferred tax asset
20,177
Deferred tax liability
(699)
31 March 2024
19,478
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00825": { "value": "7. Discontinued operations and assets held for sale
The Group classifies certain of its assets that it expects to dispose as either discontinued
\n
operations or as held for sale.
\n
The Group classifies non-current assets and liabilities within disposal groups (\u2018assets\u2019) as held for sale if the assets
\n
are available immediately for sale in their present condition, management is committed to a plan to sell the
\n
assets under usual terms, it is highly probable that their carrying amounts will be recovered principally through a
\n
sale transaction rather than through continuing use and the sale is expected to be completed within one year
\n
from the date of the initial classification.
\n
Assets and liabilities classified as held for sale are presented separately as current items in the consolidated
\n
statement of financial position and are measured at the lower of their carrying amount and fair value less costs to
\n
sell. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as
\n
held for sale. Similarly, equity accounting ceases for associates and joint ventures held for sale.
\n
Where operations constitute a separately reportable segment (see note 2 \u2018Revenue disaggregation and
\n
segmental analysis\u2019) and have been disposed of, or are classified as held for sale, the Group classifies such
\n
operations as discontinued.
\n
Discontinued operations are excluded from the results of continuing operations and are presented as a single
\n
amount as profit or loss after tax from discontinued operations in the Consolidated income statement.
\n
Discontinued operations are also excluded from segment reporting. All other notes to the Consolidated financial
\n
statements include amounts for continuing operations, unless indicated otherwise.
\n
Transactions between the Group's continuing and discontinued operations are eliminated in full in the
\n
Consolidated income statement. To the extent that the Group considers that the commercial relationships with
\n
discontinued operations will continue post-disposal, transactions are reflected within continuing operations with
\n
an opposite charge or credit reflected within the results of discontinued operations resulting in a net nil impact
\n
on the Group\u2019s Profit for the financial year for the years presented.
\n
Discontinued operations
\n
On 31 October 2023, the Group announced that it had entered into binding agreements with Zegona
\n
Communications plc (\u2019Zegona\u2019) in relation to the disposal of 100% of Vodafone Holdings Europe, S.L.U.
\n
(\u2018Vodafone Spain\u2019). The disposal completed on 31 May 2024.
\n
On 15 March 2024, the Group announced that it had entered into a binding agreement with Swisscom AG
\n
(\u2018Swisscom\u2019) in relation to the disposal of 100% of Vodafone Italia S.p.A. (\u2019Vodafone Italy\u2019). The disposal
\n
completed on 31 December 2024.
\n
Consequently, the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. The
\n
assets and liabilities of both were presented as held for sale in the consolidated statement of financial position in
\n
the prior year.
\n
A summary of the results of these discontinued operations is below.
2025
2024
2023
\u20acm
\u20acm
\u20acm
(Loss)/profit for the financial year - Discontinued operations
Vodafone Spain
1
53
(5)
(340)
Vodafone Italy
2
(75)
(60)
93
Total
(22)
(65)
(247)
Loss per share - Discontinued operations
Basic
(0.08)c
(0.24)c
(0.89)c
Diluted
(0.08)c
(0.24)c
(0.89)c
\n
Notes:
\n
1. The results for Vodafone Spain are for the two months to 31 May 2024 when the sale concluded.
\n
2. The results for Vodafone Italy are for the nine months to 31 December 2024 when the sale concluded.
\n
Segment analysis of discontinued operations
\n
Vodafone Spain
\n
The disposal of Vodafone Spain completed on 31 May 2024.
See note 27 \u2018Acquisitions and disposals\u2019 for more
\n
information. The results of discontinued operations in Spain are detailed below.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Revenue
603
3,773
3,675
Cost of sales
(321)
(2,593)
(2,959)
Gross profit
282
1,180
716
Selling and distribution expenses
(27)
(259)
(314)
Administrative expenses
(34)
(435)
(575)
Net credit losses on financial assets
(15)
(120)
(35)
Other expense
\u2013
\u2013
(122)
Operating profit/(loss)
206
366
(330)
Investment income
3
29
16
Financing costs
(8)
(56)
(26)
Profit/(loss) before taxation
201
339
(340)
Income tax credit
\u2013
1
\u2013
Profit/(loss) after tax of discontinued operations
201
340
(340)
After tax loss on the re-measurement of disposal group
\u2013
(345)
\u2013
Loss on sale of disposal group
(148)
\u2013
\u2013
Profit/(loss) for the financial year from discontinued operations
53
(5)
(340)
Total comprehensive income/ (expense) for the financial year
from discontinued operations
Attributable to owners of the parent
53
(5)
(340)
\n\n
Vodafone Italy
\n
The disposal of Vodafone Italy completed on 31 December 2024.
See note 27 \u2018Acquisitions and disposals\u2019 for
\n
more information. The results of discontinued operations in Italy are detailed below.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Revenue
3,356
4,579
4,722
Cost of sales
(1,293)
(3,438)
(3,532)
Gross profit
2,063
1,141
1,190
Selling and distribution expenses
(160)
(244)
(238)
Administrative expenses
(356)
(760)
(710)
Net credit losses on financial assets
(36)
(51)
(66)
Other income/(expense)
\u2013
\u2013
(1)
Operating profit
1,511
86
175
Financing costs
(66)
(86)
(93)
Profit before taxation
1,445
\u2013
82
Income tax credit/ (expense)
(387)
23
11
Profit after tax of discontinued operations
1,058
23
93
After tax loss on the re-measurement of disposal group
\u2013
(83)
\u2013
Loss on sale of disposal group
(1,133)
\u2013
\u2013
(Loss)/profit for the financial year from discontinued operations
(75)
(60)
93
Total comprehensive (expense)/income for the financial year
from discontinued operations
Attributable to owners of the parent
(72)
(71)
80
\n
Assets held for sale
\n
There are no assets and liabilities held for sale at 31 March 2025.
\n
Assets and liabilities held for sale at 31 March 2024 comprised Vodafone Spain and Vodafone Italy. The relevant
\n
assets and liabilities are detailed in the table below.
\n \n
Vodafone
Vodafone
Spain
Italy
Total
\u20acm
\u20acm
\u20acm
Non-current assets
Goodwill
\u2013
2,398
2,398
Other intangible assets
987
3,331
4,318
Property, plant and equipment
4,957
4,307
9,264
Other investments
2
\u2013
2
Deferred tax assets
\u2013
461
461
Trade and other receivables
223
167
390
6,169
10,664
16,833
Current assets
Inventory
39
134
173
Taxation recoverable
\u2013
77
77
Trade and other receivables
805
1,117
1,922
Cash and cash equivalents
13
29
42
857
1,357
2,214
Assets held for sale
7,026
12,021
19,047
Non-current liabilities
Borrowings
878
1,509
2,387
Deferred tax liabilities
3
-
3
Post employment benefits
\u2013
45
45
Provisions
158
115
273
Trade and other payables
43
120
163
1,082
1,789
2,871
Current liabilities
Borrowings
346
673
1,019
Taxation liabilities
\u2013
12
12
Provisions
23
67
90
Trade and other payables
1,203
1,723
2,926
1,572
2,475
4,047
Liabilities held for sale
2,654
4,264
6,918
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00826": { "value": "7. Discontinued operations and assets held for sale
The Group classifies certain of its assets that it expects to dispose as either discontinued
\n
operations or as held for sale.
\n
The Group classifies non-current assets and liabilities within disposal groups (\u2018assets\u2019) as held for sale if the assets
\n
are available immediately for sale in their present condition, management is committed to a plan to sell the
\n
assets under usual terms, it is highly probable that their carrying amounts will be recovered principally through a
\n
sale transaction rather than through continuing use and the sale is expected to be completed within one year
\n
from the date of the initial classification.
\n
Assets and liabilities classified as held for sale are presented separately as current items in the consolidated
\n
statement of financial position and are measured at the lower of their carrying amount and fair value less costs to
\n
sell. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as
\n
held for sale. Similarly, equity accounting ceases for associates and joint ventures held for sale.
\n
Where operations constitute a separately reportable segment (see note 2 \u2018Revenue disaggregation and
\n
segmental analysis\u2019) and have been disposed of, or are classified as held for sale, the Group classifies such
\n
operations as discontinued.
\n
Discontinued operations are excluded from the results of continuing operations and are presented as a single
\n
amount as profit or loss after tax from discontinued operations in the Consolidated income statement.
\n
Discontinued operations are also excluded from segment reporting. All other notes to the Consolidated financial
\n
statements include amounts for continuing operations, unless indicated otherwise.
\n
Transactions between the Group's continuing and discontinued operations are eliminated in full in the
\n
Consolidated income statement. To the extent that the Group considers that the commercial relationships with
\n
discontinued operations will continue post-disposal, transactions are reflected within continuing operations with
\n
an opposite charge or credit reflected within the results of discontinued operations resulting in a net nil impact
\n
on the Group\u2019s Profit for the financial year for the years presented.
\n
Discontinued operations
\n
On 31 October 2023, the Group announced that it had entered into binding agreements with Zegona
\n
Communications plc (\u2019Zegona\u2019) in relation to the disposal of 100% of Vodafone Holdings Europe, S.L.U.
\n
(\u2018Vodafone Spain\u2019). The disposal completed on 31 May 2024.
\n
On 15 March 2024, the Group announced that it had entered into a binding agreement with Swisscom AG
\n
(\u2018Swisscom\u2019) in relation to the disposal of 100% of Vodafone Italia S.p.A. (\u2019Vodafone Italy\u2019). The disposal
\n
completed on 31 December 2024.
\n
Consequently, the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. The
\n
assets and liabilities of both were presented as held for sale in the consolidated statement of financial position in
\n
the prior year.
\n
A summary of the results of these discontinued operations is below.
2025
2024
2023
\u20acm
\u20acm
\u20acm
(Loss)/profit for the financial year - Discontinued operations
Vodafone Spain
1
53
(5)
(340)
Vodafone Italy
2
(75)
(60)
93
Total
(22)
(65)
(247)
Loss per share - Discontinued operations
Basic
(0.08)c
(0.24)c
(0.89)c
Diluted
(0.08)c
(0.24)c
(0.89)c
\n
Notes:
\n
1. The results for Vodafone Spain are for the two months to 31 May 2024 when the sale concluded.
\n
2. The results for Vodafone Italy are for the nine months to 31 December 2024 when the sale concluded.
\n
Segment analysis of discontinued operations
\n
Vodafone Spain
\n
The disposal of Vodafone Spain completed on 31 May 2024.
See note 27 \u2018Acquisitions and disposals\u2019 for more
\n
information. The results of discontinued operations in Spain are detailed below.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Revenue
603
3,773
3,675
Cost of sales
(321)
(2,593)
(2,959)
Gross profit
282
1,180
716
Selling and distribution expenses
(27)
(259)
(314)
Administrative expenses
(34)
(435)
(575)
Net credit losses on financial assets
(15)
(120)
(35)
Other expense
\u2013
\u2013
(122)
Operating profit/(loss)
206
366
(330)
Investment income
3
29
16
Financing costs
(8)
(56)
(26)
Profit/(loss) before taxation
201
339
(340)
Income tax credit
\u2013
1
\u2013
Profit/(loss) after tax of discontinued operations
201
340
(340)
After tax loss on the re-measurement of disposal group
\u2013
(345)
\u2013
Loss on sale of disposal group
(148)
\u2013
\u2013
Profit/(loss) for the financial year from discontinued operations
53
(5)
(340)
Total comprehensive income/ (expense) for the financial year
from discontinued operations
Attributable to owners of the parent
53
(5)
(340)
\n\n
Vodafone Italy
\n
The disposal of Vodafone Italy completed on 31 December 2024.
See note 27 \u2018Acquisitions and disposals\u2019 for
\n
more information. The results of discontinued operations in Italy are detailed below.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Revenue
3,356
4,579
4,722
Cost of sales
(1,293)
(3,438)
(3,532)
Gross profit
2,063
1,141
1,190
Selling and distribution expenses
(160)
(244)
(238)
Administrative expenses
(356)
(760)
(710)
Net credit losses on financial assets
(36)
(51)
(66)
Other income/(expense)
\u2013
\u2013
(1)
Operating profit
1,511
86
175
Financing costs
(66)
(86)
(93)
Profit before taxation
1,445
\u2013
82
Income tax credit/ (expense)
(387)
23
11
Profit after tax of discontinued operations
1,058
23
93
After tax loss on the re-measurement of disposal group
\u2013
(83)
\u2013
Loss on sale of disposal group
(1,133)
\u2013
\u2013
(Loss)/profit for the financial year from discontinued operations
(75)
(60)
93
Total comprehensive (expense)/income for the financial year
from discontinued operations
Attributable to owners of the parent
(72)
(71)
80
\n
Assets held for sale
\n
There are no assets and liabilities held for sale at 31 March 2025.
\n
Assets and liabilities held for sale at 31 March 2024 comprised Vodafone Spain and Vodafone Italy. The relevant
\n
assets and liabilities are detailed in the table below.
\n \n
Vodafone
Vodafone
Spain
Italy
Total
\u20acm
\u20acm
\u20acm
Non-current assets
Goodwill
\u2013
2,398
2,398
Other intangible assets
987
3,331
4,318
Property, plant and equipment
4,957
4,307
9,264
Other investments
2
\u2013
2
Deferred tax assets
\u2013
461
461
Trade and other receivables
223
167
390
6,169
10,664
16,833
Current assets
Inventory
39
134
173
Taxation recoverable
\u2013
77
77
Trade and other receivables
805
1,117
1,922
Cash and cash equivalents
13
29
42
857
1,357
2,214
Assets held for sale
7,026
12,021
19,047
Non-current liabilities
Borrowings
878
1,509
2,387
Deferred tax liabilities
3
-
3
Post employment benefits
\u2013
45
45
Provisions
158
115
273
Trade and other payables
43
120
163
1,082
1,789
2,871
Current liabilities
Borrowings
346
673
1,019
Taxation liabilities
\u2013
12
12
Provisions
23
67
90
Trade and other payables
1,203
1,723
2,926
1,572
2,475
4,047
Liabilities held for sale
2,654
4,264
6,918
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00827": { "value": "7. Discontinued operations and assets held for sale
The Group classifies certain of its assets that it expects to dispose as either discontinued
\n
operations or as held for sale.
\n
The Group classifies non-current assets and liabilities within disposal groups (\u2018assets\u2019) as held for sale if the assets
\n
are available immediately for sale in their present condition, management is committed to a plan to sell the
\n
assets under usual terms, it is highly probable that their carrying amounts will be recovered principally through a
\n
sale transaction rather than through continuing use and the sale is expected to be completed within one year
\n
from the date of the initial classification.
\n
Assets and liabilities classified as held for sale are presented separately as current items in the consolidated
\n
statement of financial position and are measured at the lower of their carrying amount and fair value less costs to
\n
sell. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as
\n
held for sale. Similarly, equity accounting ceases for associates and joint ventures held for sale.
\n
Where operations constitute a separately reportable segment (see note 2 \u2018Revenue disaggregation and
\n
segmental analysis\u2019) and have been disposed of, or are classified as held for sale, the Group classifies such
\n
operations as discontinued.
\n
Discontinued operations are excluded from the results of continuing operations and are presented as a single
\n
amount as profit or loss after tax from discontinued operations in the Consolidated income statement.
\n
Discontinued operations are also excluded from segment reporting. All other notes to the Consolidated financial
\n
statements include amounts for continuing operations, unless indicated otherwise.
\n
Transactions between the Group's continuing and discontinued operations are eliminated in full in the
\n
Consolidated income statement. To the extent that the Group considers that the commercial relationships with
\n
discontinued operations will continue post-disposal, transactions are reflected within continuing operations with
\n
an opposite charge or credit reflected within the results of discontinued operations resulting in a net nil impact
\n
on the Group\u2019s Profit for the financial year for the years presented.
\n
Discontinued operations
\n
On 31 October 2023, the Group announced that it had entered into binding agreements with Zegona
\n
Communications plc (\u2019Zegona\u2019) in relation to the disposal of 100% of Vodafone Holdings Europe, S.L.U.
\n
(\u2018Vodafone Spain\u2019). The disposal completed on 31 May 2024.
\n
On 15 March 2024, the Group announced that it had entered into a binding agreement with Swisscom AG
\n
(\u2018Swisscom\u2019) in relation to the disposal of 100% of Vodafone Italia S.p.A. (\u2019Vodafone Italy\u2019). The disposal
\n
completed on 31 December 2024.
\n
Consequently, the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. The
\n
assets and liabilities of both were presented as held for sale in the consolidated statement of financial position in
\n
the prior year.
\n
A summary of the results of these discontinued operations is below.
2025
2024
2023
\u20acm
\u20acm
\u20acm
(Loss)/profit for the financial year - Discontinued operations
Vodafone Spain
1
53
(5)
(340)
Vodafone Italy
2
(75)
(60)
93
Total
(22)
(65)
(247)
Loss per share - Discontinued operations
Basic
(0.08)c
(0.24)c
(0.89)c
Diluted
(0.08)c
(0.24)c
(0.89)c
\n
Notes:
\n
1. The results for Vodafone Spain are for the two months to 31 May 2024 when the sale concluded.
\n
2. The results for Vodafone Italy are for the nine months to 31 December 2024 when the sale concluded.
\n
Segment analysis of discontinued operations
\n
Vodafone Spain
\n
The disposal of Vodafone Spain completed on 31 May 2024.
See note 27 \u2018Acquisitions and disposals\u2019 for more
\n
information. The results of discontinued operations in Spain are detailed below.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Revenue
603
3,773
3,675
Cost of sales
(321)
(2,593)
(2,959)
Gross profit
282
1,180
716
Selling and distribution expenses
(27)
(259)
(314)
Administrative expenses
(34)
(435)
(575)
Net credit losses on financial assets
(15)
(120)
(35)
Other expense
\u2013
\u2013
(122)
Operating profit/(loss)
206
366
(330)
Investment income
3
29
16
Financing costs
(8)
(56)
(26)
Profit/(loss) before taxation
201
339
(340)
Income tax credit
\u2013
1
\u2013
Profit/(loss) after tax of discontinued operations
201
340
(340)
After tax loss on the re-measurement of disposal group
\u2013
(345)
\u2013
Loss on sale of disposal group
(148)
\u2013
\u2013
Profit/(loss) for the financial year from discontinued operations
53
(5)
(340)
Total comprehensive income/ (expense) for the financial year
from discontinued operations
Attributable to owners of the parent
53
(5)
(340)
\n\n
Vodafone Italy
\n
The disposal of Vodafone Italy completed on 31 December 2024.
See note 27 \u2018Acquisitions and disposals\u2019 for
\n
more information. The results of discontinued operations in Italy are detailed below.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Revenue
3,356
4,579
4,722
Cost of sales
(1,293)
(3,438)
(3,532)
Gross profit
2,063
1,141
1,190
Selling and distribution expenses
(160)
(244)
(238)
Administrative expenses
(356)
(760)
(710)
Net credit losses on financial assets
(36)
(51)
(66)
Other income/(expense)
\u2013
\u2013
(1)
Operating profit
1,511
86
175
Financing costs
(66)
(86)
(93)
Profit before taxation
1,445
\u2013
82
Income tax credit/ (expense)
(387)
23
11
Profit after tax of discontinued operations
1,058
23
93
After tax loss on the re-measurement of disposal group
\u2013
(83)
\u2013
Loss on sale of disposal group
(1,133)
\u2013
\u2013
(Loss)/profit for the financial year from discontinued operations
(75)
(60)
93
Total comprehensive (expense)/income for the financial year
from discontinued operations
Attributable to owners of the parent
(72)
(71)
80
\n
Assets held for sale
\n
There are no assets and liabilities held for sale at 31 March 2025.
\n
Assets and liabilities held for sale at 31 March 2024 comprised Vodafone Spain and Vodafone Italy. The relevant
\n
assets and liabilities are detailed in the table below.
\n \n
Vodafone
Vodafone
Spain
Italy
Total
\u20acm
\u20acm
\u20acm
Non-current assets
Goodwill
\u2013
2,398
2,398
Other intangible assets
987
3,331
4,318
Property, plant and equipment
4,957
4,307
9,264
Other investments
2
\u2013
2
Deferred tax assets
\u2013
461
461
Trade and other receivables
223
167
390
6,169
10,664
16,833
Current assets
Inventory
39
134
173
Taxation recoverable
\u2013
77
77
Trade and other receivables
805
1,117
1,922
Cash and cash equivalents
13
29
42
857
1,357
2,214
Assets held for sale
7,026
12,021
19,047
Non-current liabilities
Borrowings
878
1,509
2,387
Deferred tax liabilities
3
-
3
Post employment benefits
\u2013
45
45
Provisions
158
115
273
Trade and other payables
43
120
163
1,082
1,789
2,871
Current liabilities
Borrowings
346
673
1,019
Taxation liabilities
\u2013
12
12
Provisions
23
67
90
Trade and other payables
1,203
1,723
2,926
1,572
2,475
4,047
Liabilities held for sale
2,654
4,264
6,918
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00828": { "value": "The Group classifies certain of its assets that it expects to dispose as either discontinued
operations or as held for sale.
\n
The Group classifies non-current assets and liabilities within disposal groups (\u2018assets\u2019) as held for sale if the assets
\n
are available immediately for sale in their present condition, management is committed to a plan to sell the
\n
assets under usual terms, it is highly probable that their carrying amounts will be recovered principally through a
\n
sale transaction rather than through continuing use and the sale is expected to be completed within one year
\n
from the date of the initial classification.
\n
Assets and liabilities classified as held for sale are presented separately as current items in the consolidated
\n
statement of financial position and are measured at the lower of their carrying amount and fair value less costs to
\n
sell. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as
\n
held for sale. Similarly, equity accounting ceases for associates and joint ventures held for sale.
\n
Where operations constitute a separately reportable segment (see note 2 \u2018Revenue disaggregation and
\n
segmental analysis\u2019) and have been disposed of, or are classified as held for sale, the Group classifies such
\n
operations as discontinued.
\n
Discontinued operations are excluded from the results of continuing operations and are presented as a single
\n
amount as profit or loss after tax from discontinued operations in the Consolidated income statement.
\n
Discontinued operations are also excluded from segment reporting. All other notes to the Consolidated financial
\n
statements include amounts for continuing operations, unless indicated otherwise.
\n
Transactions between the Group's continuing and discontinued operations are eliminated in full in the
\n
Consolidated income statement. To the extent that the Group considers that the commercial relationships with
\n
discontinued operations will continue post-disposal, transactions are reflected within continuing operations with
\n
an opposite charge or credit reflected within the results of discontinued operations resulting in a net nil impact
\non the Group\u2019s Profit for the financial year for the years presented. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00829": { "value": "The Group classifies certain of its assets that it expects to dispose as either discontinued
operations or as held for sale.
\n
The Group classifies non-current assets and liabilities within disposal groups (\u2018assets\u2019) as held for sale if the assets
\n
are available immediately for sale in their present condition, management is committed to a plan to sell the
\n
assets under usual terms, it is highly probable that their carrying amounts will be recovered principally through a
\n
sale transaction rather than through continuing use and the sale is expected to be completed within one year
\n
from the date of the initial classification.
\n
Assets and liabilities classified as held for sale are presented separately as current items in the consolidated
\n
statement of financial position and are measured at the lower of their carrying amount and fair value less costs to
\n
sell. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as
\n
held for sale. Similarly, equity accounting ceases for associates and joint ventures held for sale.
\n
Where operations constitute a separately reportable segment (see note 2 \u2018Revenue disaggregation and
\n
segmental analysis\u2019) and have been disposed of, or are classified as held for sale, the Group classifies such
\n
operations as discontinued.
\n
Discontinued operations are excluded from the results of continuing operations and are presented as a single
\n
amount as profit or loss after tax from discontinued operations in the Consolidated income statement.
\n
Discontinued operations are also excluded from segment reporting. All other notes to the Consolidated financial
\n
statements include amounts for continuing operations, unless indicated otherwise.
\n
Transactions between the Group's continuing and discontinued operations are eliminated in full in the
\n
Consolidated income statement. To the extent that the Group considers that the commercial relationships with
\n
discontinued operations will continue post-disposal, transactions are reflected within continuing operations with
\n
an opposite charge or credit reflected within the results of discontinued operations resulting in a net nil impact
\non the Group\u2019s Profit for the financial year for the years presented. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00830": { "value": "The Group classifies certain of its assets that it expects to dispose as either discontinued
operations or as held for sale.
\n
The Group classifies non-current assets and liabilities within disposal groups (\u2018assets\u2019) as held for sale if the assets
\n
are available immediately for sale in their present condition, management is committed to a plan to sell the
\n
assets under usual terms, it is highly probable that their carrying amounts will be recovered principally through a
\n
sale transaction rather than through continuing use and the sale is expected to be completed within one year
\n
from the date of the initial classification.
\n
Assets and liabilities classified as held for sale are presented separately as current items in the consolidated
\n
statement of financial position and are measured at the lower of their carrying amount and fair value less costs to
\n
sell. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as
\n
held for sale. Similarly, equity accounting ceases for associates and joint ventures held for sale.
\n
Where operations constitute a separately reportable segment (see note 2 \u2018Revenue disaggregation and
\n
segmental analysis\u2019) and have been disposed of, or are classified as held for sale, the Group classifies such
\n
operations as discontinued.
\n
Discontinued operations are excluded from the results of continuing operations and are presented as a single
\n
amount as profit or loss after tax from discontinued operations in the Consolidated income statement.
\n
Discontinued operations are also excluded from segment reporting. All other notes to the Consolidated financial
\n
statements include amounts for continuing operations, unless indicated otherwise.
\n
Transactions between the Group's continuing and discontinued operations are eliminated in full in the
\n
Consolidated income statement. To the extent that the Group considers that the commercial relationships with
\n
discontinued operations will continue post-disposal, transactions are reflected within continuing operations with
\n
an opposite charge or credit reflected within the results of discontinued operations resulting in a net nil impact
\non the Group\u2019s Profit for the financial year for the years presented. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00831": { "value": "8. Earnings per share
Basic earnings per share is the amount of profit generated for the financial year attributable to
equity shareholders divided by the weighted average number of shares in issue during the
year.
2025
2024
2023
Millions
Millions
Millions
Weighted average number of shares for basic earnings per share
26,149
27,056
27,680
Effect of dilutive potential shares: Employee share schemes
\u2013
95
95
Weighted average number of shares for diluted earnings per
share
26,149
27,151
27,775
2025
2024
2023
\u20acm
\u20acm
\u20acm
(Loss)/profit for earnings per share from continuing operations
attributable to owners
(4,147)
1,205
12,085
Loss for earnings per share from discontinued operations attributable
to owners
(22)
(65)
(247)
(Loss)/profit for basic and diluted earnings per share
(4,169)
1,140
11,838
2025
2024
2023
eurocents
eurocents
eurocents
Basic (loss)/earnings per share from continuing operations
(15.86)c
4.45c
43.66c
Basic (loss) per share from discontinued operations
(0.08)c
(0.24)c
(0.89)c
Basic (loss)/earnings per share
(15.94)c
4.21c
42.77c
2025
2024
2023
eurocents
eurocents
eurocents
Diluted (loss)/earnings per share from continuing operations
(15.86)c
4.44c
43.51c
Diluted loss per share from discontinued operations
(0.08)c
(0.24)c
(0.89)c
Diluted (loss)/earnings per share
(15.94)c
4.20c
42.62c
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00832": { "value": "9. Equity dividends
Dividends are one type of shareholder return, historically paid to our shareholders in February
and August.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Declared during the financial year
Final dividend for the year ended 31 March 2024: 4.50 eurocents per
share
(2023: 4.50 eurocents per share, 2022: 4.50 eurocents per share)
1,212
1,215
1,265
Interim dividend for the year ended 31 March 2025: 2.25 eurocents
per share
(2024: 4.50 eurocents per share, 2023: 4.50 eurocents per share)
583
1,218
1,237
1,795
2,433
2,502
Proposed after the end of the year and not recognised as a
liability
Final dividend for the year ended 31 March 2025: 2.25 eurocents per
(2024: 4.50 eurocents per share, 2023: 4.50 eurocents per share)
558
1,219
1,215", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00836": { "value": "0.0225", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00837": { "value": "0.045", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00838": { "value": "0.045", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00833": { "value": "558000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00834": { "value": "1219000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00835": { "value": "1215000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00839": { "value": "10. Intangible assets
The consolidated statement of financial position contains significant intangible assets, mainly
\n
in relation to goodwill and licences and spectrum. Goodwill, which arises when we acquire a
\n
business and pay a higher amount than the fair value of its net assets primarily due to the
\n
synergies we expect to create, is not amortised but is subject to annual impairment reviews.
\n
Licences and spectrum are amortised over the life of the licence. For further details see
\n
\u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of
\n
preparation \u2018 to the consolidated financial statements.
\n
Accounting policies
\n
Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future
\n
economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably
\n
measured. Identifiable intangible assets are recognised at fair value when the Group completes a business
\n
combination. The determination of the fair values of the separately identified intangibles, is based, to a
\n
considerable extent, on management\u2019s judgement.
\n
Goodwill
\n
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s
\n
interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised
\n
at the date of acquisition.
\n
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated
\n
impairment losses. Goodwill is not subject to amortisation but is tested for impairment annually or whenever
\n
there is evidence that it may be impaired. Goodwill is denominated in the currency of the acquired entity and
\n
revalued to the closing exchange rate at each reporting period date.
\n
Negative goodwill arising on an acquisition is recognised directly in the consolidated income statement.
\n
On disposal of a subsidiary or a joint arrangement, the attributable amount of goodwill is included in the
\n
determination of the profit or loss recognised in the consolidated income statement on disposal.
\n
Finite lived intangible assets
\n
Intangible assets with finite lives are stated at acquisition or development cost, less accumulated amortisation.
\n
The amortisation period and method are reviewed at least annually. Changes in the expected useful life or the
\n
expected pattern of consumption of future economic benefits embodied in the asset are accounted for by
\n
changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.
\n
Licence and spectrum fees
\n
Amortisation periods for licence and spectrum fees are determined primarily by reference to the unexpired
\n
licence period, the conditions for licence renewal and whether licences are dependent on specific technologies.
\n
Amortisation is charged to the consolidated income statement on a straight-line basis over the estimated useful
\n
lives from the commencement of related network services.
\n
Software
\n
Computer software comprises software purchased from third parties as well as the cost of internally developed
\n
software. Computer software licences are capitalised on the basis of the costs incurred to acquire and bring into
\n
use the specific software. Costs that are directly associated with the production of identifiable and unique
\n
software products controlled by the Group, and are probable of producing future economic benefits, are
\n
recognised as intangible assets. Direct costs of software development include employee costs and directly
\n
attributable overheads.
\n
Software integral to an item of hardware equipment is classified as property, plant and equipment.
\n
Costs associated with maintaining software programs are recognised as an expense when they are incurred.
\n
Amortisation is charged to the consolidated income statement on a straight-line basis over the estimated useful
\n
life from the date the software is available for use.
\n
Other intangible assets
\n
Other intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition.
\n
Amortisation is charged to the consolidated income statement, over the estimated useful lives of intangible
\n
assets from the date they are available for use, on a straight-line basis. The amortisation basis adopted for each
\n
class of intangible asset reflects the Group\u2019s consumption of the economic benefit from that asset.
\n
Estimated useful lives
\n
The estimated useful lives of finite lived intangible assets are as follows:
Licence and spectrum fees
3 - 40 years
Software
3 - 10 years
Brands
1 - 30 years
Customer bases
2 - 37 years
Licence and
Computer
Customer
Goodwill
spectrum fees
software
bases
Other
Total
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Cost
1 April 2023
96,904
34,306
18,474
11,905
539
162,128
Exchange movements
(1,042)
(435)
(414)
(130)
(60)
(2,081)
Additions
\u2013
283
2,615
\u2013
17
2,915
Disposals
\u2013
(986)
(989)
\u2013
(2)
(1,977)
Transfer of assets held for resale
(19,498)
(6,258)
(2,600)
(2,517)
(57)
(30,930)
Hyperinflation impacts
888
382
348
62
49
1,729
31 March 2024
77,252
27,292
17,434
9,320
486
131,784
Exchange movements
(252)
62
(63)
17
(18)
(254)
Acquisition of subsidiaries
7
\u2013
\u2013
4
\u2013
11
Additions
\u2013
236
2,414
\u2013
5
2,655
Disposals
\u2013
(98)
(772)
\u2013
(1)
(871)
Hyperinflation impacts
709
301
291
49
39
1,389
Other
\u2013
\u2013
(45)
\u2013
\u2013
(45)
31 March 2025
77,716
27,793
19,259
9,390
511
134,669
Accumulated impairment losses and amortisation
1 April 2023
69,289
24,337
12,462
8,307
526
114,921
Exchange movements
(897)
(144)
(324)
(120)
(56)
(1,541)
Charge for the year
1
\u2013
1,031
2,484
606
1
4,122
Disposals
\u2013
(985)
(951)
\u2013
\u2013
(1,936)
Transfer of assets held for resale
(16,984)
(2,704)
(1,871)
(2,517)
(57)
(24,133)
Hyperinflation impacts
888
196
304
62
49
1,499
31 March 2024
52,296
21,731
12,104
6,338
463
92,932
Exchange movements
(318)
106
(58)
16
(14)
(268)
Impairments
4,515
\u2013
\u2013
\u2013
\u2013
4,515
Charge for the year
1
\u2013
651
2,431
605
8
3,695
Disposals
\u2013
(98)
(767)
\u2013
(1)
(866)
Hyperinflation impacts
709
176
250
49
39
1,223
31 March 2025
57,202
22,566
13,960
7,008
495
101,231
Net book value
31 March 2024
24,956
5,561
5,330
2,982
23
38,852
31 March 2025
20,514
5,227
5,299
2,382
16
33,438
\n
Note:
\n
1. Included in the charge for the year ended 31 March 2025 is \u20acnil (2024: \u20ac607 million) in respect of Vodafone Italy and Vodafone Spain,
\n
which are now reported as discontinued operations. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
For licences and spectrum fees and other intangible assets, amortisation is included within the cost of sales line
within the consolidated income statement. Included in the net book value of computer software and licenses
and spectrum fees are assets in the course of construction, which are not depreciated, with a cost of \u20ac1,035
million (2024: \u20ac1,200 million) and \u20ac151m (2024: \u20ac25 million) respectively.
The net book value and expiry dates of the most significant licences are as follows:
2025
2024
Expiry dates
\u20acm
\u20acm
Germany
2025 - 2040
2,392
2,686
UK
2033 - 2041
965
989
Vodacom
2026 - 2042
771
687
The remaining amortisation period for each of the licences in the table above corresponds to the expiry date of
the respective licence. A summary of the Group\u2019s most significant spectrum licences can be found on page 235. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00840": { "value": "10. Intangible assets
The consolidated statement of financial position contains significant intangible assets, mainly
\n
in relation to goodwill and licences and spectrum. Goodwill, which arises when we acquire a
\n
business and pay a higher amount than the fair value of its net assets primarily due to the
\n
synergies we expect to create, is not amortised but is subject to annual impairment reviews.
\n
Licences and spectrum are amortised over the life of the licence. For further details see
\n
\u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of
\n
preparation \u2018 to the consolidated financial statements.
\n
Accounting policies
\n
Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future
\n
economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably
\n
measured. Identifiable intangible assets are recognised at fair value when the Group completes a business
\n
combination. The determination of the fair values of the separately identified intangibles, is based, to a
\n
considerable extent, on management\u2019s judgement.
\n
Goodwill
\n
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s
\n
interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised
\n
at the date of acquisition.
\n
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated
\n
impairment losses. Goodwill is not subject to amortisation but is tested for impairment annually or whenever
\n
there is evidence that it may be impaired. Goodwill is denominated in the currency of the acquired entity and
\n
revalued to the closing exchange rate at each reporting period date.
\n
Negative goodwill arising on an acquisition is recognised directly in the consolidated income statement.
\n
On disposal of a subsidiary or a joint arrangement, the attributable amount of goodwill is included in the
\n
determination of the profit or loss recognised in the consolidated income statement on disposal.
\n
Finite lived intangible assets
\n
Intangible assets with finite lives are stated at acquisition or development cost, less accumulated amortisation.
\n
The amortisation period and method are reviewed at least annually. Changes in the expected useful life or the
\n
expected pattern of consumption of future economic benefits embodied in the asset are accounted for by
\n
changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.
\n
Licence and spectrum fees
\n
Amortisation periods for licence and spectrum fees are determined primarily by reference to the unexpired
\n
licence period, the conditions for licence renewal and whether licences are dependent on specific technologies.
\n
Amortisation is charged to the consolidated income statement on a straight-line basis over the estimated useful
\n
lives from the commencement of related network services.
\n
Software
\n
Computer software comprises software purchased from third parties as well as the cost of internally developed
\n
software. Computer software licences are capitalised on the basis of the costs incurred to acquire and bring into
\n
use the specific software. Costs that are directly associated with the production of identifiable and unique
\n
software products controlled by the Group, and are probable of producing future economic benefits, are
\n
recognised as intangible assets. Direct costs of software development include employee costs and directly
\n
attributable overheads.
\n
Software integral to an item of hardware equipment is classified as property, plant and equipment.
\n
Costs associated with maintaining software programs are recognised as an expense when they are incurred.
\n
Amortisation is charged to the consolidated income statement on a straight-line basis over the estimated useful
\n
life from the date the software is available for use.
\n
Other intangible assets
\n
Other intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition.
\n
Amortisation is charged to the consolidated income statement, over the estimated useful lives of intangible
\n
assets from the date they are available for use, on a straight-line basis. The amortisation basis adopted for each
\n
class of intangible asset reflects the Group\u2019s consumption of the economic benefit from that asset.
\n
Estimated useful lives
\n
The estimated useful lives of finite lived intangible assets are as follows:
Licence and spectrum fees
3 - 40 years
Software
3 - 10 years
Brands
1 - 30 years
Customer bases
2 - 37 years
Licence and
Computer
Customer
Goodwill
spectrum fees
software
bases
Other
Total
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Cost
1 April 2023
96,904
34,306
18,474
11,905
539
162,128
Exchange movements
(1,042)
(435)
(414)
(130)
(60)
(2,081)
Additions
\u2013
283
2,615
\u2013
17
2,915
Disposals
\u2013
(986)
(989)
\u2013
(2)
(1,977)
Transfer of assets held for resale
(19,498)
(6,258)
(2,600)
(2,517)
(57)
(30,930)
Hyperinflation impacts
888
382
348
62
49
1,729
31 March 2024
77,252
27,292
17,434
9,320
486
131,784
Exchange movements
(252)
62
(63)
17
(18)
(254)
Acquisition of subsidiaries
7
\u2013
\u2013
4
\u2013
11
Additions
\u2013
236
2,414
\u2013
5
2,655
Disposals
\u2013
(98)
(772)
\u2013
(1)
(871)
Hyperinflation impacts
709
301
291
49
39
1,389
Other
\u2013
\u2013
(45)
\u2013
\u2013
(45)
31 March 2025
77,716
27,793
19,259
9,390
511
134,669
Accumulated impairment losses and amortisation
1 April 2023
69,289
24,337
12,462
8,307
526
114,921
Exchange movements
(897)
(144)
(324)
(120)
(56)
(1,541)
Charge for the year
1
\u2013
1,031
2,484
606
1
4,122
Disposals
\u2013
(985)
(951)
\u2013
\u2013
(1,936)
Transfer of assets held for resale
(16,984)
(2,704)
(1,871)
(2,517)
(57)
(24,133)
Hyperinflation impacts
888
196
304
62
49
1,499
31 March 2024
52,296
21,731
12,104
6,338
463
92,932
Exchange movements
(318)
106
(58)
16
(14)
(268)
Impairments
4,515
\u2013
\u2013
\u2013
\u2013
4,515
Charge for the year
1
\u2013
651
2,431
605
8
3,695
Disposals
\u2013
(98)
(767)
\u2013
(1)
(866)
Hyperinflation impacts
709
176
250
49
39
1,223
31 March 2025
57,202
22,566
13,960
7,008
495
101,231
Net book value
31 March 2024
24,956
5,561
5,330
2,982
23
38,852
31 March 2025
20,514
5,227
5,299
2,382
16
33,438
\n
Note:
\n
1. Included in the charge for the year ended 31 March 2025 is \u20acnil (2024: \u20ac607 million) in respect of Vodafone Italy and Vodafone Spain,
\n
which are now reported as discontinued operations. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
For licences and spectrum fees and other intangible assets, amortisation is included within the cost of sales line
within the consolidated income statement. Included in the net book value of computer software and licenses
and spectrum fees are assets in the course of construction, which are not depreciated, with a cost of \u20ac1,035
million (2024: \u20ac1,200 million) and \u20ac151m (2024: \u20ac25 million) respectively.
The net book value and expiry dates of the most significant licences are as follows:
2025
2024
Expiry dates
\u20acm
\u20acm
Germany
2025 - 2040
2,392
2,686
UK
2033 - 2041
965
989
Vodacom
2026 - 2042
771
687
The remaining amortisation period for each of the licences in the table above corresponds to the expiry date of
the respective licence. A summary of the Group\u2019s most significant spectrum licences can be found on page 235. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00841": { "value": "10. Intangible assets
The consolidated statement of financial position contains significant intangible assets, mainly
\n
in relation to goodwill and licences and spectrum. Goodwill, which arises when we acquire a
\n
business and pay a higher amount than the fair value of its net assets primarily due to the
\n
synergies we expect to create, is not amortised but is subject to annual impairment reviews.
\n
Licences and spectrum are amortised over the life of the licence. For further details see
\n
\u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of
\n
preparation \u2018 to the consolidated financial statements.
\n
Accounting policies
\n
Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future
\n
economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably
\n
measured. Identifiable intangible assets are recognised at fair value when the Group completes a business
\n
combination. The determination of the fair values of the separately identified intangibles, is based, to a
\n
considerable extent, on management\u2019s judgement.
\n
Goodwill
\n
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s
\n
interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised
\n
at the date of acquisition.
\n
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated
\n
impairment losses. Goodwill is not subject to amortisation but is tested for impairment annually or whenever
\n
there is evidence that it may be impaired. Goodwill is denominated in the currency of the acquired entity and
\n
revalued to the closing exchange rate at each reporting period date.
\n
Negative goodwill arising on an acquisition is recognised directly in the consolidated income statement.
\n
On disposal of a subsidiary or a joint arrangement, the attributable amount of goodwill is included in the
\n
determination of the profit or loss recognised in the consolidated income statement on disposal.
\n
Finite lived intangible assets
\n
Intangible assets with finite lives are stated at acquisition or development cost, less accumulated amortisation.
\n
The amortisation period and method are reviewed at least annually. Changes in the expected useful life or the
\n
expected pattern of consumption of future economic benefits embodied in the asset are accounted for by
\n
changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.
\n
Licence and spectrum fees
\n
Amortisation periods for licence and spectrum fees are determined primarily by reference to the unexpired
\n
licence period, the conditions for licence renewal and whether licences are dependent on specific technologies.
\n
Amortisation is charged to the consolidated income statement on a straight-line basis over the estimated useful
\n
lives from the commencement of related network services.
\n
Software
\n
Computer software comprises software purchased from third parties as well as the cost of internally developed
\n
software. Computer software licences are capitalised on the basis of the costs incurred to acquire and bring into
\n
use the specific software. Costs that are directly associated with the production of identifiable and unique
\n
software products controlled by the Group, and are probable of producing future economic benefits, are
\n
recognised as intangible assets. Direct costs of software development include employee costs and directly
\n
attributable overheads.
\n
Software integral to an item of hardware equipment is classified as property, plant and equipment.
\n
Costs associated with maintaining software programs are recognised as an expense when they are incurred.
\n
Amortisation is charged to the consolidated income statement on a straight-line basis over the estimated useful
\n
life from the date the software is available for use.
\n
Other intangible assets
\n
Other intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition.
\n
Amortisation is charged to the consolidated income statement, over the estimated useful lives of intangible
\n
assets from the date they are available for use, on a straight-line basis. The amortisation basis adopted for each
\n
class of intangible asset reflects the Group\u2019s consumption of the economic benefit from that asset.
\n
Estimated useful lives
\n
The estimated useful lives of finite lived intangible assets are as follows:
Licence and spectrum fees
3 - 40 years
Software
3 - 10 years
Brands
1 - 30 years
Customer bases
2 - 37 years
Licence and
Computer
Customer
Goodwill
spectrum fees
software
bases
Other
Total
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Cost
1 April 2023
96,904
34,306
18,474
11,905
539
162,128
Exchange movements
(1,042)
(435)
(414)
(130)
(60)
(2,081)
Additions
\u2013
283
2,615
\u2013
17
2,915
Disposals
\u2013
(986)
(989)
\u2013
(2)
(1,977)
Transfer of assets held for resale
(19,498)
(6,258)
(2,600)
(2,517)
(57)
(30,930)
Hyperinflation impacts
888
382
348
62
49
1,729
31 March 2024
77,252
27,292
17,434
9,320
486
131,784
Exchange movements
(252)
62
(63)
17
(18)
(254)
Acquisition of subsidiaries
7
\u2013
\u2013
4
\u2013
11
Additions
\u2013
236
2,414
\u2013
5
2,655
Disposals
\u2013
(98)
(772)
\u2013
(1)
(871)
Hyperinflation impacts
709
301
291
49
39
1,389
Other
\u2013
\u2013
(45)
\u2013
\u2013
(45)
31 March 2025
77,716
27,793
19,259
9,390
511
134,669
Accumulated impairment losses and amortisation
1 April 2023
69,289
24,337
12,462
8,307
526
114,921
Exchange movements
(897)
(144)
(324)
(120)
(56)
(1,541)
Charge for the year
1
\u2013
1,031
2,484
606
1
4,122
Disposals
\u2013
(985)
(951)
\u2013
\u2013
(1,936)
Transfer of assets held for resale
(16,984)
(2,704)
(1,871)
(2,517)
(57)
(24,133)
Hyperinflation impacts
888
196
304
62
49
1,499
31 March 2024
52,296
21,731
12,104
6,338
463
92,932
Exchange movements
(318)
106
(58)
16
(14)
(268)
Impairments
4,515
\u2013
\u2013
\u2013
\u2013
4,515
Charge for the year
1
\u2013
651
2,431
605
8
3,695
Disposals
\u2013
(98)
(767)
\u2013
(1)
(866)
Hyperinflation impacts
709
176
250
49
39
1,223
31 March 2025
57,202
22,566
13,960
7,008
495
101,231
Net book value
31 March 2024
24,956
5,561
5,330
2,982
23
38,852
31 March 2025
20,514
5,227
5,299
2,382
16
33,438
\n
Note:
\n
1. Included in the charge for the year ended 31 March 2025 is \u20acnil (2024: \u20ac607 million) in respect of Vodafone Italy and Vodafone Spain,
\n
which are now reported as discontinued operations. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
For licences and spectrum fees and other intangible assets, amortisation is included within the cost of sales line
within the consolidated income statement. Included in the net book value of computer software and licenses
and spectrum fees are assets in the course of construction, which are not depreciated, with a cost of \u20ac1,035
million (2024: \u20ac1,200 million) and \u20ac151m (2024: \u20ac25 million) respectively.
The net book value and expiry dates of the most significant licences are as follows:
2025
2024
Expiry dates
\u20acm
\u20acm
Germany
2025 - 2040
2,392
2,686
UK
2033 - 2041
965
989
Vodacom
2026 - 2042
771
687
The remaining amortisation period for each of the licences in the table above corresponds to the expiry date of
the respective licence. A summary of the Group\u2019s most significant spectrum licences can be found on page 235. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00842": { "value": "Accounting policies
Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future
\n
economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably
\n
measured. Identifiable intangible assets are recognised at fair value when the Group completes a business
\n
combination. The determination of the fair values of the separately identified intangibles, is based, to a
\n
considerable extent, on management\u2019s judgement.
\n
Goodwill
\n
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s
\n
interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised
\n
at the date of acquisition.
\n
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated
\n
impairment losses. Goodwill is not subject to amortisation but is tested for impairment annually or whenever
\n
there is evidence that it may be impaired. Goodwill is denominated in the currency of the acquired entity and
\n
revalued to the closing exchange rate at each reporting period date.
\n
Negative goodwill arising on an acquisition is recognised directly in the consolidated income statement.
\n
On disposal of a subsidiary or a joint arrangement, the attributable amount of goodwill is included in the
\n
determination of the profit or loss recognised in the consolidated income statement on disposal.
\n
Finite lived intangible assets
\n
Intangible assets with finite lives are stated at acquisition or development cost, less accumulated amortisation.
\n
The amortisation period and method are reviewed at least annually. Changes in the expected useful life or the
\n
expected pattern of consumption of future economic benefits embodied in the asset are accounted for by
\n
changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.
\n
Licence and spectrum fees
\n
Amortisation periods for licence and spectrum fees are determined primarily by reference to the unexpired
\n
licence period, the conditions for licence renewal and whether licences are dependent on specific technologies.
\n
Amortisation is charged to the consolidated income statement on a straight-line basis over the estimated useful
\n
lives from the commencement of related network services.
\n
Software
\n
Computer software comprises software purchased from third parties as well as the cost of internally developed
\n
software. Computer software licences are capitalised on the basis of the costs incurred to acquire and bring into
\n
use the specific software. Costs that are directly associated with the production of identifiable and unique
\n
software products controlled by the Group, and are probable of producing future economic benefits, are
\n
recognised as intangible assets. Direct costs of software development include employee costs and directly
\n
attributable overheads.
\n
Software integral to an item of hardware equipment is classified as property, plant and equipment.
\n
Costs associated with maintaining software programs are recognised as an expense when they are incurred.
\n
Amortisation is charged to the consolidated income statement on a straight-line basis over the estimated useful
\n
life from the date the software is available for use.
\n
Other intangible assets
\n
Other intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition.
\n
Amortisation is charged to the consolidated income statement, over the estimated useful lives of intangible
\n
assets from the date they are available for use, on a straight-line basis. The amortisation basis adopted for each
\n
class of intangible asset reflects the Group\u2019s consumption of the economic benefit from that asset.
\n
Estimated useful lives
\n
The estimated useful lives of finite lived intangible assets are as follows:
Licence and spectrum fees
3 - 40 years
Software
3 - 10 years
Brands
1 - 30 years
Customer bases
2 - 37 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00843": { "value": "Accounting policies
Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future
\n
economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably
\n
measured. Identifiable intangible assets are recognised at fair value when the Group completes a business
\n
combination. The determination of the fair values of the separately identified intangibles, is based, to a
\nconsiderable extent, on management\u2019s judgement. Finite lived intangible assets
Intangible assets with finite lives are stated at acquisition or development cost, less accumulated amortisation.
\n
The amortisation period and method are reviewed at least annually. Changes in the expected useful life or the
\n
expected pattern of consumption of future economic benefits embodied in the asset are accounted for by
\n
changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.
\n
Licence and spectrum fees
\n
Amortisation periods for licence and spectrum fees are determined primarily by reference to the unexpired
\n
licence period, the conditions for licence renewal and whether licences are dependent on specific technologies.
\n
Amortisation is charged to the consolidated income statement on a straight-line basis over the estimated useful
\n
lives from the commencement of related network services.
\n
Software
\n
Computer software comprises software purchased from third parties as well as the cost of internally developed
\n
software. Computer software licences are capitalised on the basis of the costs incurred to acquire and bring into
\n
use the specific software. Costs that are directly associated with the production of identifiable and unique
\n
software products controlled by the Group, and are probable of producing future economic benefits, are
\n
recognised as intangible assets. Direct costs of software development include employee costs and directly
\n
attributable overheads.
\n
Software integral to an item of hardware equipment is classified as property, plant and equipment.
\n
Costs associated with maintaining software programs are recognised as an expense when they are incurred.
\n
Amortisation is charged to the consolidated income statement on a straight-line basis over the estimated useful
\n
life from the date the software is available for use.
\n
Other intangible assets
\n
Other intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition.
\n
Amortisation is charged to the consolidated income statement, over the estimated useful lives of intangible
\n
assets from the date they are available for use, on a straight-line basis. The amortisation basis adopted for each
\n
class of intangible asset reflects the Group\u2019s consumption of the economic benefit from that asset.
\n
Estimated useful lives
\n
The estimated useful lives of finite lived intangible assets are as follows:
Licence and spectrum fees
3 - 40 years
Software
3 - 10 years
Brands
1 - 30 years
Customer bases
2 - 37 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00844": { "value": "
Licence and
Computer
Customer
Goodwill
spectrum fees
software
bases
Other
Total
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Cost
1 April 2023
96,904
34,306
18,474
11,905
539
162,128
Exchange movements
(1,042)
(435)
(414)
(130)
(60)
(2,081)
Additions
\u2013
283
2,615
\u2013
17
2,915
Disposals
\u2013
(986)
(989)
\u2013
(2)
(1,977)
Transfer of assets held for resale
(19,498)
(6,258)
(2,600)
(2,517)
(57)
(30,930)
Hyperinflation impacts
888
382
348
62
49
1,729
31 March 2024
77,252
27,292
17,434
9,320
486
131,784
Exchange movements
(252)
62
(63)
17
(18)
(254)
Acquisition of subsidiaries
7
\u2013
\u2013
4
\u2013
11
Additions
\u2013
236
2,414
\u2013
5
2,655
Disposals
\u2013
(98)
(772)
\u2013
(1)
(871)
Hyperinflation impacts
709
301
291
49
39
1,389
Other
\u2013
\u2013
(45)
\u2013
\u2013
(45)
31 March 2025
77,716
27,793
19,259
9,390
511
134,669
Accumulated impairment losses and amortisation
1 April 2023
69,289
24,337
12,462
8,307
526
114,921
Exchange movements
(897)
(144)
(324)
(120)
(56)
(1,541)
Charge for the year
1
\u2013
1,031
2,484
606
1
4,122
Disposals
\u2013
(985)
(951)
\u2013
\u2013
(1,936)
Transfer of assets held for resale
(16,984)
(2,704)
(1,871)
(2,517)
(57)
(24,133)
Hyperinflation impacts
888
196
304
62
49
1,499
31 March 2024
52,296
21,731
12,104
6,338
463
92,932
Exchange movements
(318)
106
(58)
16
(14)
(268)
Impairments
4,515
\u2013
\u2013
\u2013
\u2013
4,515
Charge for the year
1
\u2013
651
2,431
605
8
3,695
Disposals
\u2013
(98)
(767)
\u2013
(1)
(866)
Hyperinflation impacts
709
176
250
49
39
1,223
31 March 2025
57,202
22,566
13,960
7,008
495
101,231
Net book value
31 March 2024
24,956
5,561
5,330
2,982
23
38,852
31 March 2025
20,514
5,227
5,299
2,382
16
33,438
Equipment,
Land and
fixtures
buildings
and fittings
Total
\u20acm
\u20acm
\u20acm
Cost
1 April 2023
1,997
74,460
76,457
Exchange movements
(31)
(1,878)
(1,909)
Additions
34
4,753
4,787
Disposals
(15)
(2,070)
(2,085)
Transfer of assets held for resale
(439)
(18,530)
(18,969)
Hyperinflation impacts
9
1,376
1,385
Other
2
90
92
31 March 2024
1,557
58,201
59,758
Exchange movements
5
(381)
(376)
Additions
27
4,447
4,474
Disposals
(13)
(904)
(917)
Hyperinflation impacts
5
1,172
1,177
Other
(16)
282
266
31 March 2025
1,565
62,817
64,382
Accumulated depreciation and impairment
1 April 2023
1,240
49,323
50,563
Exchange movements
(7)
(1,258)
(1,265)
Charge for the year
1
56
4,814
4,870
Disposals
(15)
(2,039)
(2,054)
Transfer of assets held for resale
(287)
(12,507)
(12,794)
Hyperinflation impacts
2
1,037
1,039
31 March 2024
989
39,370
40,359
Exchange movements
4
(308)
(304)
Charge for the year
1
36
3,838
3,874
Disposals
(14)
(867)
(881)
Hyperinflation impacts
2
849
851
Other
(12)
93
81
31 March 2025
1,005
42,975
43,980
Net book value
31 March 2024
568
18,831
19,399
31 March 2025
560
19,842
20,402
\n
Note:
\n
1. Included in the charge for the year ended 31 March 2025 was \u20acNil (2024: \u20ac988 million) in respect of Vodafone Italy and Vodafone
\n
Spain, which was reported as discontinued operations. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more
\n
information.
\n
Included in the net book value of land and buildings and equipment, fixtures and fittings are assets in the course
\n
of construction, which are not depreciated, with a cost of \u20ac15 million (2024: \u20ac4 million) and \u20ac1,355 million
\n
(2024: \u20ac1,401 million) respectively. Also included in the book value of equipment, fixtures and fittings are assets
\n
leased out by the Group under operating leases, with a cost of \u20ac1,653 million (2024: \u20ac1,623 million),
\n
accumulated depreciation of \u20ac1,133 million (2024: \u20ac1,040 million) and net book value of \u20ac520 million (2024:
\n\u20ac583 million). Included in the
depreciation charge for the year ended 31 March 2025 was \u20acNil (2024: \u20ac1,091 million) in respect of Vodafone
\n
Italy and Vodafone Spain, which are reported as discontinued operations. See note 7 \u2018Discontinued operations
and assets held for sale\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00845": { "value": "11. Property, plant and equipment
The Group makes significant investments in network equipment and infrastructure \u2013 the base
stations and technology required to operate our networks \u2013 that form the majority of our
tangible assets. All assets are depreciated over their useful economic lives. For further details
on the estimation of useful economic lives, see \u2018Critical accounting judgements and key
sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation \u2018to the consolidated financial
statements.
Accounting policies
Land and buildings held for use are stated in the consolidated statement of financial position at their cost, less
any accumulated depreciation and any accumulated impairment losses.
Amounts for equipment, fixtures and fittings, which includes network infrastructure assets are stated at cost less
accumulated depreciation and any accumulated impairment losses.
Assets in the course of construction are carried at cost, less any recognised impairment losses. Depreciation of
these assets commences when the assets are ready for their intended use.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their
acquisition and installation.
Depreciation is charged so as to write off the cost of assets, other than land, using the straight-line method, over
their estimated useful lives, as follows:
Land and buildings
Freehold buildings
25 - 50 years
Leasehold premises
The term of the lease
Equipment, fixtures and fittings
Network infrastructure and other
1 - 35 years
Depreciation is not provided on freehold land.
Right-of-use assets arising from the Group\u2019s lease arrangements are depreciated over their reasonably certain
lease term, as determined under the Group\u2019s leases policy (see note 20 \u2018Leases\u2019 and \u2018Critical accounting
judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation\u2019 for details).
The gain or loss arising on the disposal, retirement or granting of a finance lease on an item of property, plant and
equipment is determined as the difference between any proceeds from sale or receivables arising on a lease and
the carrying amount of the asset and is recognised in the consolidated income statement.
Equipment,
Land and
fixtures
buildings
and fittings
Total
\u20acm
\u20acm
\u20acm
Cost
1 April 2023
1,997
74,460
76,457
Exchange movements
(31)
(1,878)
(1,909)
Additions
34
4,753
4,787
Disposals
(15)
(2,070)
(2,085)
Transfer of assets held for resale
(439)
(18,530)
(18,969)
Hyperinflation impacts
9
1,376
1,385
Other
2
90
92
31 March 2024
1,557
58,201
59,758
Exchange movements
5
(381)
(376)
Additions
27
4,447
4,474
Disposals
(13)
(904)
(917)
Hyperinflation impacts
5
1,172
1,177
Other
(16)
282
266
31 March 2025
1,565
62,817
64,382
Accumulated depreciation and impairment
1 April 2023
1,240
49,323
50,563
Exchange movements
(7)
(1,258)
(1,265)
Charge for the year
1
56
4,814
4,870
Disposals
(15)
(2,039)
(2,054)
Transfer of assets held for resale
(287)
(12,507)
(12,794)
Hyperinflation impacts
2
1,037
1,039
31 March 2024
989
39,370
40,359
Exchange movements
4
(308)
(304)
Charge for the year
1
36
3,838
3,874
Disposals
(14)
(867)
(881)
Hyperinflation impacts
2
849
851
Other
(12)
93
81
31 March 2025
1,005
42,975
43,980
Net book value
31 March 2024
568
18,831
19,399
31 March 2025
560
19,842
20,402
\n
Note:
\n
1. Included in the charge for the year ended 31 March 2025 was \u20acNil (2024: \u20ac988 million) in respect of Vodafone Italy and Vodafone
\n
Spain, which was reported as discontinued operations. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more
\n
information.
\n
Included in the net book value of land and buildings and equipment, fixtures and fittings are assets in the course
\n
of construction, which are not depreciated, with a cost of \u20ac15 million (2024: \u20ac4 million) and \u20ac1,355 million
\n
(2024: \u20ac1,401 million) respectively. Also included in the book value of equipment, fixtures and fittings are assets
\n
leased out by the Group under operating leases, with a cost of \u20ac1,653 million (2024: \u20ac1,623 million),
\n
accumulated depreciation of \u20ac1,133 million (2024: \u20ac1,040 million) and net book value of \u20ac520 million (2024:
\n
\u20ac583 million).
\n
Right-of-use assets arising from the Group\u2019s lease arrangements are recorded within property, plant and
\n
equipment:
2025
2024
\u20acm
\u20acm
Property, plant and equipment (owned assets)
20,402
19,399
Right-of-use assets
10,310
9,100
31 March
30,712
28,499
\n
Additions of \u20ac4,656 million (2024: \u20ac4,173 million) and a depreciation charge of \u20ac3,235 million (2024: \u20ac4,108
\n
million) were recorded in respect of right-of-use assets during the year ended 31 March 2025. Included in the
\n
depreciation charge for the year ended 31 March 2025 was \u20acNil (2024: \u20ac1,091 million) in respect of Vodafone
\n
Italy and Vodafone Spain, which are reported as discontinued operations. See note 7 \u2018Discontinued operations
\nand assets held for sale\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00846": { "value": "Accounting policies
Land and buildings held for use are stated in the consolidated statement of financial position at their cost, less
any accumulated depreciation and any accumulated impairment losses.
Amounts for equipment, fixtures and fittings, which includes network infrastructure assets are stated at cost less
accumulated depreciation and any accumulated impairment losses.
Assets in the course of construction are carried at cost, less any recognised impairment losses. Depreciation of
these assets commences when the assets are ready for their intended use.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their
acquisition and installation.
Depreciation is charged so as to write off the cost of assets, other than land, using the straight-line method, over
their estimated useful lives, as follows:
Land and buildings
Freehold buildings
25 - 50 years
Leasehold premises
The term of the lease
Equipment, fixtures and fittings
Network infrastructure and other
1 - 35 years
Depreciation is not provided on freehold land.
Right-of-use assets arising from the Group\u2019s lease arrangements are depreciated over their reasonably certain
lease term, as determined under the Group\u2019s leases policy (see note 20 \u2018Leases\u2019 and \u2018Critical accounting
judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation\u2019 for details).
The gain or loss arising on the disposal, retirement or granting of a finance lease on an item of property, plant and
equipment is determined as the difference between any proceeds from sale or receivables arising on a lease and
the carrying amount of the asset and is recognised in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00847": { "value": "Depreciation is charged so as to write off the cost of assets, other than land, using the straight-line method, over
their estimated useful lives, as follows:
Land and buildings
Freehold buildings
25 - 50 years
Leasehold premises
The term of the lease
Equipment, fixtures and fittings
Network infrastructure and other
1 - 35 years
Depreciation is not provided on freehold land.
Right-of-use assets arising from the Group\u2019s lease arrangements are depreciated over their reasonably certain
lease term, as determined under the Group\u2019s leases policy (see note 20 \u2018Leases\u2019 and \u2018Critical accounting
judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation\u2019 for details).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00848": { "value": "12. Associates and joint arrangements
The Group holds interests in associates in Kenya, where we have significant influence, as well
\n
as in a number of joint arrangements, notably in the Netherlands, India, Australia and Oak
\n
Holdings 1 GmbH and its markets, where we share control with one or more third parties. See
\n
note 1 \u2018Basis of preparation\u2019 to the consolidated financial statements for further details.
\n
Accounting policies
\n
Interests in joint arrangements
\n
A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic
\n
activity that is subject to joint control; that is, when the relevant activities that significantly affect the investee\u2019s
\n
returns require the unanimous consent of the parties sharing control. Joint arrangements are either joint
\n
operations or joint ventures.
\n
Gains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint
\n
arrangement are recognised in respect of the Group\u2019s entire equity holding in the subsidiary.
\n
Joint operations
\n
A joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets,
\n
and obligations for the liabilities, relating to the arrangement or that other facts and circumstances indicate that
\n
this is the case. The Group\u2019s share of assets, liabilities, revenue, expenses and cash flows are combined with the
\n
equivalent items in the consolidated financial statements on a line-by-line basis.
\n
Any goodwill arising on the acquisition of the Group\u2019s interest in a joint operation is accounted for in accordance
\n
with the Group\u2019s accounting policy for goodwill arising on the acquisition of a subsidiary.
\n
Joint ventures
\n
A joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets
\n
of the arrangement.
\n
At the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the
\n
identifiable assets, liabilities and contingent liabilities of the joint venture is recognised as goodwill. The goodwill
\n
is included within the carrying amount of the investment.
\n
The results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held
\n
for sale (see note 7 \u2018Discontinued operations and assets held for sale\u2019), are incorporated in the consolidated
\n
financial statements using the equity method of accounting. Under the equity method, investments in joint
\n
ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition
\n
changes in the Group\u2019s share of the net assets of the joint venture, less any impairment in the value of the
\n
investment. The Group\u2019s share of post-tax profits or losses are recognised in the consolidated income statement.
\n
Losses of a joint venture in excess of the Group\u2019s interest in that joint venture are recognised only to the extent
\n
that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.
\n
Associates
\n
An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an
\n
interest in a joint arrangement.
\n
Significant influence is the power to participate in the financial and operating policy decisions of the investee but
\n
where the Group does not have control or joint control over those policies.
\n
At the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the
\n
identifiable assets, liabilities and contingent liabilities of the associate is recognised as goodwill. The goodwill is
\n
included within the carrying amount of the investment.
\n
The results and assets and liabilities of associates are incorporated in the consolidated financial statements using
\n
the same equity method of accounting used for joint ventures, described above.
\n
Joint ventures and associates
2025
2024
\u20acm
\u20acm
Investments in joint ventures
6,342
8,203
Investments in associates
550
1,829
31 March
6,892
10,032
Share of net liabilities in joint ventures
(96)
\u2013
31 March
(96)
\u2013
\n
Joint ventures
\n
The financial and operating activities of the Group\u2019s joint ventures are jointly controlled by the participating
\n
shareholders. The participating shareholders have rights to the net assets of the joint ventures through their
\n
equity shareholdings. Unless otherwise stated, the Group\u2019s principal joint ventures all have share capital
\n
consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all
\n
joint ventures is also their principal place of operation.
\n\n \n
Country of
Percentage
Percentage
incorporation or
shareholdings
1
shareholdings
1
Name of joint venture
Principal activity
registration
2025
2024
Oak Holdings 1 GmbH
Network infrastructure
Germany
50.0
60.3
VodafoneZiggo Group Holding B.V.
Network operator
Netherlands
50.0
50.0
OXG Glasfaser Beteiligungs GmbH
Fibre infrastructure
Germany
50.0
50.0
Vodafone Idea Limited
2
Network operator
India
24.4
31.4
TPG Telecom Limited
3
Network operator
Australia
25.1
25.1
\n
Notes:
\n
1.
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n
2.
At 31 March 2025 the
fair value of the Group\u2019s interest in Vodafone Idea Limited was INR 118
billion (\u20ac1,283
million) (2024: INR 208
\n
billion (\u20ac2,313
million)) based on the quoted share price on the National Stock Exchange of India. On 30 March 2025, Vodafone Idea
\n
announced that the Government of India had agreed to convert US$4.3 billion (\u20ac4.0 billion) of outstanding spectrum dues to equity
and
\n
the associated dues were reported within equity as at 31 March 2025. The Group\u2019s shareholding
in Vodafone Idea Limited was
\n
subsequently diluted to 16.1% in April 2025.
\n
3.
At 31 March 2025 the
fair value of the Group\u2019s interest in TPG Telecom Limited was AUD 2,236
million (\u20ac1,290
million) (2024: AUD
\n
2,101 million
(\u20ac1,269 million)) based on the quoted share price on ASX.
\n
Oak Holdings 1 GmbH
\n
On 22 July 2024, the Group announced the sale of a further 10.3% stake in Oak Holdings 1 GmbH, the
\n
partnership that co-controls
Vantage Towers, for \u20ac1,336 million, leaving the Group\u2019s retained interest at 50.0%.
\n
Oak Holdings 1 GmbH owns 89.3% of Vantage Towers.
\n
A net gain on disposal of \u20ac26 million has been recorded within Other income in the Consolidated income
\n
statement.
\n
OXG Glasfaser Beteiligungs GmbH
\n
In March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG
\n
Glasfaser Beteiligungs GmbH (\u2018OXG\u2019), with 50.0% shareholding held by each shareholder. Each shareholder is
\n
committed to contribute funding of up to
\u20ac950 million to OXG for the deployment of fibre-to-the-home
in
\n
Germany. During the year ended 31 March 2025, the Group provided \u20ac36 million (2024: \u20ac32
million) of capital
\n
contributions to OXG. The remaining funding commitment of \u20ac882
million is expected to be contributed
\n
between 2025 and 2029. The amount and timing of the funding depends on the speed and size of the fibre
\n
deployment. The contribution can be in the form of free capital reserves, shareholder loan, loan notes or similar
\n
instruments as agreed by the shareholders.
\n
Vodafone Idea Limited
\n
The Group\u2019s carrying value in Vodafone Idea Limited (\u2018VIL\u2019) reduced to \u20acnil at 30 September 2019. The Group\u2019s
\n
share of VIL\u2019s losses not recognised at 31 March 2025 is \u20ac1,758
million (2024: \u20ac4,528 million).
\n
During the year VIL has undertaken equity fund-raisings
totalling \u20ac2.5 billion and has undertaken a further
\n
conversion of debt due to the Government of India during April 2025, resulting
in the Group\u2019s interest in VIL
\n
reducing to 16.1%.
\n
TPG Telecom Limited
\n
TPG Telecom Limited is listed on the Australian
Securities Exchange (\u2018ASX\u2019). Vodafone and Hutchison
\n
Telecommunications (Australia) Limited each own an economic interest of 25.05%, with the remaining 49.9%
\n
listed as free float on the ASX. The financial information presented in the tables below includes debt held within
\n
the structure that holds the Group\u2019s interest in TPG,
for which the Group provides a guarantee over its share (see
\n
note 22 \u2018Capital and financial risk management\u2019).
\n
Dividends received from joint ventures
\n
During the year ended 31 March 2025, the Group received dividends included in the consolidated statement of
\n
cash flows from VodafoneZiggo Group Holding B.V. of \u20ac63 million (2024: \u20ac100 million, 2023: \u20ac165 million), TPG
\n
Telecom Limited of \u20ac24 million (2024: \u20ac23 million, 2023: \u20ac24 million) and Oak Holdings 1 GmbH of \u20ac307
\n
million (2024: \u20ac196 million, 2023: \u20acnil).
\n
Aggregated financial information
\n
The table below provides aggregated financial information for the Group\u2019s joint ventures as it relates to the
\n
amounts recognised in the consolidated income statement and consolidated statement of financial position.
\n\n \n
Investment in joint ventures
1
(Loss)/profit for the financial year
2
2025
2024
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Oak Holdings 1 GmbH
5,943
7,620
(74)
(85)
\u2013
VodafoneZiggo Group Holding B.V.
330
516
(125)
(177)
137
TPG Telecom Limited
(96)
(2)
(97)
(74)
48
INWIT S.p.A.
\u2013
\u2013
\u2013
\u2013
30
Other
69
69
(65)
(43)
(15)
Total
6,246
8,203
(361)
(379)
200
\n
Notes:
\n
1.
Includes share of net liabilities in joint ventures.
\n
2.
Total Other comprehensive (expense)/income is not materially different to (loss)/profit for the financial year.
\n
Summarised financial information
\n
Summarised financial information for the Group\u2019s material joint ventures on a 100% ownership basis is set out
\n
below.
\n\n \n
Oak Holdings 1 GmbH
VodafoneZiggo Group Holding B.V.
2025
2024
2023
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
1,249
1,166
\u2013
4,082
4,128
4,063
Operating expenses
(117)
(130)
\u2013
(2,190)
(2,195)
(2,124)
Depreciation and amortisation
(953)
(868)
\u2013
(1,600)
(1,555)
(1,527)
Other income/(expense)
(26)
5
\u2013
\u2013
\u2013
\u2013
Operating profit
153
173
\u2013
292
378
412
Interest income
7
5
\u2013
\u2013
\u2013
\u2013
Interest expense
(538)
(455)
\u2013
(652)
(809)
11
(Loss)/profit before tax
(378)
(277)
\u2013
(360)
(431)
423
Income tax credit/(expense)
212
132
\u2013
111
77
(150)
(Loss)/profit for the financial
year
1
(166)
(145)
\u2013
(249)
(354)
273
\n\n \n
Vodafone Idea Limited
TPG Telecom Limited
2025
2024
2023
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
4,797
4,749
5,046
3,359
3,371
3,027
Operating expenses
(3,005)
(3,066)
(3,280)
(2,320)
(2,238)
(1,870)
Depreciation and amortisation
(2,142)
(2,178)
(2,396)
(902)
(891)
(700)
Other income
\u2013
83
\u2013
\u2013
\u2013
\u2013
Operating (loss)/profit
(350)
(412)
(630)
137
242
457
Interest income
107
7
9
\u2013
\u2013
\u2013
Interest expense
(2,539)
(2,718)
(2,567)
(391)
(368)
(172)
(Loss)/profit before tax
(2,782)
(3,123)
(3,188)
(254)
(126)
285
Income tax (expense)/credit
(2)
(95)
\u2013
27
(8)
(25)
(Loss)/profit for the financial
year
1
(2,784)
(3,218)
(3,188)
(227)
(134)
260
\n\n \n
INWIT S.p.A.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Income statement
Revenue
\u2013
\u2013
853
Operating expenses
\u2013
\u2013
(73)
Depreciation and amortisation
\u2013
\u2013
(508)
Operating profit
\u2013
\u2013
272
Interest expense
\u2013
\u2013
(81)
Profit before tax
\u2013
\u2013
191
Income tax expense
\u2013
\u2013
(1)
Profit for the financial year
1
\u2013
\u2013
190
\n
Note:
\n
1.
Total Other comprehensive income/(expense) is not materially different to profit/(loss) for the financial year.
\n
As disclosed above, the Group\u2019s investment in VIL was reduced to \u20acnil in the year ended 31 March 2020 and the
\n
Group has not recorded any profit or loss in respect of its share of VIL\u2019s results since that date.
\n
Financial information is presented for TPG Telecom Limited (\u2018TPG\u2019) for the year to, and as at 31 December 2024
\n
on the basis that full-year information in relation to TPG has not been released at the date of approval of these
\n
consolidated financial statements and as such is market sensitive for TPG.
\n
Financial information presented for INWIT S.p.A. for the years to 31 March 2023 is based on the financial results
\n
and financial position as at 31 December 2022.
\n
Summarised financial information
\n
Summarised financial information for the Group\u2019s material joint ventures on a 100% ownership basis is set out
\n
below.
\n\n \n
Oak Holdings 1 GmbH
VodafoneZiggo Group
2025
2024
Holding B.V.
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
Statement of financial position
Non-current assets
24,149
24,015
15,012
15,753
Current assets
749
746
788
884
Total assets
24,898
24,761
15,800
16,637
Equity shareholders\u2019 funds
11,887
12,630
660
1,033
Non-current liabilities
10,167
9,386
12,773
13,145
Current liabilities
2,844
2,745
2,367
2,459
Cash and cash equivalents within current assets
240
267
144
61
Non-current liabilities excluding trade and other
payables and provisions
9,560
8,751
12,640
12,995
Current liabilities excluding trade and other payables and
provisions
502
502
1,094
1,171
\n\n \n
Vodafone Idea Limited
TPG Telecom Limited
2025
2024
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
Statement of financial position
Non-current assets
16,069
16,251
9,024
9,663
Current assets
2,817
1,654
734
900
Total assets
18,886
17,905
9,758
10,563
Equity shareholders\u2019 (deficit)/funds
(9,479)
(13,710)
2,175
2,606
Non-current liabilities
22,636
25,855
6,523
6,789
Current liabilities
5,729
5,760
1,060
1,168
Cash and cash equivalents within current assets
1,145
60
85
192
Non-current liabilities excluding trade and other
payables and provisions
22,612
25,837
6,437
6,704
Current liabilities excluding trade and other payables and
provisions
2,307
2,044
105
102
\n
The reconciliation of summarised financial information presented to the carrying amount of our interest in joint
\n
ventures is set out below.
\n\n \n
Oak Holdings 1 GmbH
VodafoneZiggo Group Holding B.V.
2025
2024
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Equity shareholders\u2019 funds
11,887
12,630
660
1,033
Interest in joint ventures
1
5,943
7,620
330
516
Carrying value
5,943
7,620
330
516
(Loss)/profit for the financial year
(166)
(145)
(249)
(354)
273
Share of (loss)/profit
1
(74)
(85)
(125)
(177)
137
\n\n \n
Vodafone Idea Limited
TPG Telecom Limited
2025
2024
2023
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Equity shareholders\u2019
(deficit)/funds
(9,479)
(13,710)
2,175
2,606
Interest in joint ventures
1
(1,524)
(4,300)
(144)
(53)
Impairment
(234)
(240)
\u2013
\u2013
Goodwill
\u2013
\u2013
48
51
Investment proportion not
recognised
1,758
4,540
\u2013
\u2013
Carrying value
\u2013
\u2013
(96)
(2)
(Loss)/profit for the financial year
(2,784)
(3,218)
(3,188)
(227)
(134)
260
Share of (loss)/profit
1
(660)
(1,009)
(1,030)
(97)
(74)
48
Share of loss not recognised
660
1,009
1,030
\u2013
\u2013
\u2013
Share of (loss)/profit
1
\u2013
\u2013
\u2013
(97)
(74)
48
\n\n \n
INWIT S.p.A.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Equity
shareholders\u2019 funds
\u2013
\u2013
Interest in joint ventures
\u2013
\u2013
Carrying value
\u2013
\u2013
Profit for the financial year
\u2013
\u2013
190
Share of profit
\u2013
\u2013
63
Share of profit not recognised as
held for sale
\u2013
\u2013
(33)
Share of profit
\u2013
\u2013
30
\n
Note:
\n
1.
The Group\u2019s effective ownership percentages of Oak
Holdings 1 GmbH, VodafoneZiggo Group Holding B.V., Vodafone Idea Limited and
\n
TPG Telecom Limited are 50.0%, 50.0%, 24.4% and 25.1%, respectively, rounded to the nearest tenth of one percent.
\n\n
Associates
\n
Unless otherwise stated, the Group\u2019s principal associates all have share capital consisting solely of ordinary
\n
shares and are all indirectly held. The country of incorporation or registration is also their place of operation.
Country of
Percentage
Percentage
incorporation
shareholding
1
shareholding
1
Principal activity
or registration
2025
2024
Safaricom PLC
1
Network operator
Kenya
39.9
39.9
Indus Towers Limited
Network infrastructure
India
\u2013
21.0
\n
Notes:
\n
1. Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n
2. At 31 March 2025, the fair value of the Group\u2019s interest in Safaricom PLC was KES 293 billion (\u20ac2,096 million) (2024: KES 284 billion
\n
(\u20ac1,996 million)) based on the closing quoted share price on the Nairobi Stock Exchange.
\n
3. At 31 March 2025, the fair value of the Group\u2019s interest in Indus Towers Limited was nil (2024: INR 165 billion (\u20ac1,833 million)).
\n
Aggregated financial information
\n
The table below provides aggregated financial information for the Group\u2019s associates as it relates to the amounts
\n
recognised in the consolidated income statement and consolidated statement of financial position.
Investment in associates
Profit/(loss) for the financial year
2025
2024
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Safaricom PLC
1
500
627
201
159
195
Indus Towers Limited
\u2013
1,104
55
140
50
Other
50
98
(18)
(16)
(12)
Total
550
1,829
238
283
233
\n
Note:
\n
1. Other comprehensive income includes loss for the financial year, together with \u20ac103 million loss (2024: \u20ac76 million gain) in respect of
\n
the application of IAS 29 to Safaricom\u2019s operations in Ethiopia.
\n
Indus Towers Limited
\n
On 19 June 2024, the Group announced the sale of an 18.0% stake in Indus Towers Limited (\u2018Indus\u2019) through an
\n
accelerated book-building offering (\u2018placing\u2019). The placing raised INR 153.0 billion (\u20ac1,684 million) in gross
\n
proceeds. Following the placing, the Group de-recognised its remaining associate investment in Indus, which was
\n
classified as an Other Investment recorded at fair value through profit and loss. A net gain on disposal of \u20ac714
\n
million has been recorded within other income in the Consolidated income statement. In August 2024 and
\n
December 2024, the Group disposed of its remaining 3.0% stake in Indus for cash consideration of \u20ac329m.
\n
Dividends received from associates
\n
During the year ended 31 March 2025, the Group received dividends included in the consolidated statement of
\n
cash flows from Safaricom PLC of \u20ac136 million (2024: \u20ac122 million, 2023: \u20ac250 million) and from Indus Towers
\n
Limited of \u20acNil (2024: \u20acnil, 2023: \u20ac75 million).
\n
Summarised financial information
\n
Summarised financial information for each of the Group\u2019s material associates on a 100% ownership basis is set
\n
out in the following table, together with the reconciliation to the carrying amount of our interest in the associate.
Safaricom PLC
Indus Towers Limited
2025
2024
2023
2025
2
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
2,792
2,210
2,468
835
3,185
3,343
Operating expenses
(1,561)
(1,189)
(1,353)
(286)
(1,598)
(2,240)
Depreciation and amortisation
(489)
(523)
(432)
(167)
(637)
(588)
Other income
79
142
68
\u2013
\u2013
\u2013
Operating profit
821
640
751
382
950
515
Interest income
17
16
13
11
126
26
Interest expense
(167)
(121)
(69)
(48)
(218)
(200)
Profit before tax
671
535
695
345
858
341
Income tax expense
(340)
(266)
(285)
(82)
(192)
(102)
Profit for the financial year
331
269
410
263
666
239
and total comprehensive
income
Attributable to:
- Owners of the parent
503
399
489
263
666
239
- Non-controlling interests
(172)
(130)
(79)
\u2013
\u2013
\u2013
Statement of financial
position
Non-current assets
3,062
3,901
\u2013
6,082
Current assets
600
578
\u2013
1,230
Total assets
3,662
4,479
\u2013
7,312
Equity shareholders' funds
1,246
1,566
\u2013
4,086
Non-controlling interests
331
767
\u2013
\u2013
Non-current liabilities
975
968
\u2013
2,098
Current liabilities
1,110
1,178
\u2013
1,128
Cash and cash equivalents
within current assets
215
163
\u2013
7
Non-current liabilities
excluding trade and other
payables and provisions
791
784
\u2013
1,716
Current liabilities excluding
trade and other payables and
provisions
357
349
\u2013
583
Equity shareholders' funds
1,246
1,566
4,086
Interest in associates
1
498
625
860
Goodwill
2
2
244
Carrying value
500
627
1,104
Profit for the financial year
503
399
489
263
666
239
Share of profit
201
159
195
55
140
50
\n
Note:
\n
1. The Group\u2019s effective ownership percentage of Safaricom PLC is 39.9%, rounded to the nearest tenth of one percent.
\n2. Financial information for 2025 relates to the period to 19th June 2024.31. Related undertakings
A full list of all of our subsidiaries, joint arrangements and associated undertakings is
\n
detailed below.
\n
A full list of subsidiaries, joint arrangements and associated undertakings (as defined in the Large and Medium-
\n
sized Companies and Groups (Accounts and Reports) Regulations 2008) as at 31 March 2025 is detailed below.
\n
No subsidiaries are excluded from the Group consolidation. Unless otherwise stated the Company\u2019s subsidiaries
\n
all have share capital consisting solely of ordinary shares and are indirectly held. The percentage held by Group
\n
companies reflect both the proportion of nominal capital and voting rights unless otherwise stated.
\n
Summarised financial information is provided in respect of the Group\u2019s most significant associates and joint
\n
arrangements in note 12 \u2018Associates and joint arrangements\u2019.
\n
Subsidiaries
\n
A subsidiary is an entity directly or indirectly controlled by the Company. Control is achieved where the Company
\n
has existing rights that give it the current ability to direct the activities that affect the Company\u2019s returns and
\n
exposure or rights to variable returns from the entity. The results of subsidiaries acquired or disposed of during
\n
the year are included in the consolidated income statement from the effective date of acquisition or up to the
\n
effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of
\n
subsidiaries to bring their accounting policies into line with those used by the Group. All intra-group transactions,
\n
balances, income and expenses are eliminated on consolidation. Non-controlling interests in the net assets of
\n
consolidated subsidiaries are identified separately from the Group\u2019s equity therein. Non-controlling interests
\n
consist of the amount of those interests at the date of the original business combination and the non-controlling
\n
shareholder\u2019s share of changes in equity since the date of the combination. Total comprehensive income is
\n
attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.
\n \n
% of share class held
Company name
by Group companies
Share class
Albania
Autostrada Tirane-Durres, Rruga: \u201cPavaresia\u201d, Nr 61, Kashar, Tirana, Albania
Vodafone Albania Sh.A
100.00
Ordinary shares
Rruga \u201cIbrahim Rugova\u201d, Sky Tower, Kati I 5, Hyrja , Tiran\u00eb 1000, Albania
_VOIS Albania Shpk.
85.71
Ordinary shares
Australia
Mills Oakley, Level 7, 151 Clarence Street, Sydney NSW 2000, Australia
Vodafone Enterprise Australia Pty Limited
100.00
Ordinary shares
Austria
Eversheds Sutherland Rechtsanw\u00e4lte GmbH, K\u00e4rntner Ring 12, 3. Stock, 1010,
Wien, Austria
Vodafone Enterprise Austria GmbH
100.00
Quotas shares
Bahrain
RSM Bahrain, 3
rd
floor Falcon Tower, Diplomatic Area, Manama, PO BOX 11816,
Bahrain
% of share class held
Company name
by Group companies
Share class
Vodafone Enterprise Bahrain W.L.L.
100.00
Ordinary shares
Belgium
Malta House, rue Archim\u00e8de 25, 1000 Bruxelles, Belgium
Vodafone Belgium SA/NV
100.00
Ordinary shares
Brazil
Av. Paulista 37 \u2013 4\u00b0 andar, Sala 427, Bela Vista, CEP, 01311-902, S\u00e3o Paulo, Brazil
Vodafone Empresa Brasil Telecomunica\u00e7\u00f5es Ltda
100.00
Ordinary shares
Rua Boa Vista, No. 254, room 1304 (parte), Centro, S\u00e3o Paulo, 01014907, Brazil
Vodafone Servi\u00e7os Empresariais Brasil Ltda
100.00
Ordinary shares
Bulgaria
10 Tsar Osvoboditel Blvd., 3
rd
Floor, Spredets Region, Sofia, 1000, Bulgaria
Vodafone Enterprise Bulgaria EOOD
100.00
Ordinary shares
Canada
c/o ARC Information Services Inc., 3-84 Castlebury Crescent, Toronto ON M2H
1W8, Canada
Vodafone Canada Inc.
100.00
Common shares
Cayman Islands
One Nexus Way, Camana Bay, Grand Cayman, KY1-9005, Cayman Islands
CGP Investments (Holdings) Limited
100.00
Ordinary shares
China
Level 9, Tower 2, China Central Place, Room 941, No. 79 Jianguo Road, Chaoyang
District, Beijing, 100025, China
Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd.
Beijing Branch
2
100.00
Branch
Room 1603, 16
th
Floor, 1200 Pudong Avenue, Free Trade Zone, Shanghai, China
Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd.
100.00
Ordinary shares
Room 625, Floor 6, Building 1-A, No. 19, Ronghua Middle Road, Beijing Economic
and Technological Development Zone, Beijing, China
Vodafone Automotive Technologies (Beijing) Co, Ltd
100.00
Ordinary shares
Congo, The Democratic Republic of the
292 Avenue de La Justice, Commune de la Gombe, Kinshasa, The Democratic
Republic of the Congo
Vodacom Congo (RDC) SA
5
33.20
Ordinary shares
540 avenue de la justice, second floor, Gombe, Kinshasa, The Democratic Republic
of the Congo
Vodacash S.A
5
33.20
Ordinary shares
\n\n\n \n
% of share class held
Company name
by Group companies
Share class
Cyprus
Ali Riza
Caddesi No:
33/A
Ortak\u00f6y,
Lefko\u015fa,
Cyprus
Vodafone Evde Operations Ltd
100.00
Ordinary shares
Vodafone Mobile Operations Limited
100.00
Ordinary shares
Czech Republic
N\u00e1m\u0115st\u00ed
Junkov\u00fdch
2,
Prague
5,
15500,
Czech
Republic
Nadace Vodafone \u010cesk\u00e1 Republika
100.00
Trustee
Oskar Mobil s.r.o.
100.00
Ordinary shares
Vodafone Czech Republic A.S.
100.00
Ordinary shares
Vodafone Enterprise Europe (UK) Limited - Czech Branch
2
100.00
Branch
Praha
4,
Z\u00e1vi\u0161ova
502/5,
14000,
Nusle,
Czech
Republic
Z\u00e1vi\u0161ova
Real Estate,
s.r.o.
100.00
Ordinary shares
Denmark
c/o Lundgrens Advokatpartnerselskab, Tuborg Boulevard 12, 2900, Hellerup,
Denmark
Vodafone Enterprise Denmark A/S
100.00
Ordinary shares
Egypt
37 Kasr El Nil St, 4
th
Floor, Cairo, Egypt
Starnet
5
35.81
Ordinary shares
54 El Batal Ahmed Abed El Aziz, Mohandseen, Giza, Egypt
Sarmady Communications
5
35.82
Ordinary shares
Building
no.
2109 \u201cVHUB1\u201d,
Smart
Village,
Cairo
Alexandria,
Egypt
Vodafone International Services LLC
5
85.71
Ordinary shares
Site No 15/3C, Central Axis, 6
th
October City, Egypt
Vodafone Egypt Telecommunications S.A.E.
5
35.82
Ordinary shares
Smart Village C3 Vodafone Building, Egypt
Vodafone Data
5
35.81
Ordinary shares
Vodafone Building Zahraa EL Maadi, Building A, Service Area D, Maadi, Cairo, Egypt
Vodafone For Trading
5
35.78
Ordinary shares
Finland
c/o Eversheds Asianajotoimisto Oy, Fabianinkatu 29B, Helsinki, 00100, Finland
Vodafone Enterprise Finland Oy
100.00
Ordinary shares
France
1300 route de Cretes, Le WTC, Bat I1, 06560, Valboone Soph, France
Vodafone Automotive Telematics Development S.A.S
100.00
Ordinary shares
La D\u00e9fense Cours Valmy , 1-7 Le Belv\u00e9d\u00e8re , 92800, Puteaux, France
Vodafone Automotive France S.A.S
100.00
Ordinary shares
Le Belv\u00e9d\u00e8re, 1-7 cours Valmy, 92800, Puteaux, France
\n\n \n
% of share class held
Company name
by Group companies
Share class
Vodafone Enterprise France SAS
100.00
New euro shares
Rue Champollion, 22300, Lannion, France
Apollo Submarine Cable System Ltd - French Branch
2
100.00
Branch
Germany
Altes Forsthaus 2, 67661, Kaiserslautern, Germany
TKS Telepost Kabel-Service Kaiserslautern GmbH
3
100.00
Ordinary shares
BetastraBe 6-8, 85774 Unterf\u00f6hring, Germany
Vodafone Deutschland GmbH
100.00
Ordinary shares
Buschurweg 4, 76870 Kandel, Germany
Vodafone Automotive Deutschland GmbH
100.00
Ordinary shares
Ferdinand-Braun-Platz 1, 40549, D\u00fcsseldorf, Germany
Vodafone Enterprise Germany GmbH
100.00
Ordinary A shares,
Ordinary B shares
Vodafone GmbH
100.00
Ordinary A shares,
Ordinary B shares
Vodafone Group Services GmbH
85.71
Ordinary shares
Vodafone IoT Germany GmbH
100.00
Ordinary shares
Vodafone Stiftung Deutschland Gemeinn\u00fctzige GmbH
100.00
Ordinary shares
Vodafone West GmbH
100.00
Ordinary shares
Friedrich-Wilhelm-Strasse 2, 38100, Braunschweig, Germany
KABELCOM Braunschweig Gesellschaft F\u00fcr Breitbandkabel-Kommunikation Mit
100.00
Ordinary shares
Beschr\u00e4nkter Haftung
3
KABELCOM Wolfsburg Gesellschaft f\u00fcr Breitbandkabel-Kommunikation mit
100.00
Ordinary shares
beschr\u00e4nkter Haftung
3
Holzmarkt 1, 50676, K\u00f6ln, North Rhine-Westphalia, Germany
Grandcentrix GmbH
100.00
Ordinary shares
Nobelstrasse 55, 18059, Rostock, Germany
Urbana Teleunion Rostock GmbH & Co. KG
3
70.00
Ordinary shares
Greece
12,5 km National Road Athens-Lamia, Metamorfosi, Athens, 14452, Greece
Vodafone Innovus S.A.
99.87
Ordinary shares
1-3 Tzavella str, 152 31 Halandri, Athens, Greece
Fiber2All S.A.
99.87
Ordinary shares
Fiber2All Holdings S.A.
99.87
Ordinary shares
Vodafone-Panafon Hellenic Telecommunications Company S.A.
99.87
Ordinary shares
Pireos 163 & Ehelidon, Athens, 11854, Greece
360 Connect S.A.
99.87
Ordinary shares
\n \n
% of share class held
Company name
by Group companies
Share class
Guernsey
Plaza House, Third Floor, Elizabeth Avenue, St. Peter Port, GY1 2HU, Guernsey
Silver Stream Investments Limited
100.00
Ordinary shares
Roseneath, The Grange, St. Peter Port, GY1 2QJ, Guernsey
VBA Holdings Limited
5
65.10
Ordinary shares,
Non-voting
irredeemable non-
cumulative preference
shares
VBA International Limited
5
65.10
Ordinary shares,
Non-voting
irredeemable non-
cumulative preference
shares
Hong Kong
Level 24, Dorset House, Taikoo Place, 979 King\u2019s Road, Quarry Bay, Hong Kong
Vodafone Enterprise Hong Kong Ltd
100.00
Ordinary shares
Hungary
40-44 Hungaria Krt., Budapest, H-1087, Hungary
VSSB
Vodafone
Szolg\u00e1ltat\u00f3 K\u00f6zpont
Budapest
Z\u00e1rtk\u00f6r\u0171en
M\u0171k\u00f6d\u0151
85.71
Registered ordinary
R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
shares
India
10
th
Floor, Tower A&B, Global Technology Park, (Maple Tree Building), Marathahalli
Outer Ring Road, Devarabeesanahalli Village, Varthur Hobli, Bengaluru, Karnataka,
560103, India
Cable & Wireless Networks India Private Limited
100.00
Equity shares
Cable and Wireless (India) Limited - Branch
2
100.00
Branch
Cable and Wireless Global (India) Private Limited
100.00
Equity shares
201-206, Shiv Smriti Chambers, 49/A, Dr. Annie Besant Road, Mumbai,
Maharashtra, Worli, 400018, India
Omega Telecom Holdings Private Limited
100.00
Equity shares
Vodafone India Services Private Limited
100.00
Equity shares
Flat No. 1, 1st Floor, 3A, New Bowbazar Lane, Bowbazar, Kolkata, West Bengal,
700012, India
Usha Martin Telematics Limited
100.00
Equity shares
Table Space, 5th Floor, Tower B, Panchshil Business Park, Viman Nagar, Pune,
Maharashtra, 411014, India
Vodafone Global Services Private Limited
100.00
Equity shares
Ireland
3rd Floor, Waterloo Exchange, Waterloo Road, Dublin 4, D04 E5W7, Ireland
Vodafone International Financing Designated Activity Company
100.00
Ordinary shares
38/39 Fitzwilliam Square West, Dublin 2, DO2 NX53, Ireland
\n \n
% of share class held
Company name
by Group companies
Share class
Vodafone Enterprise Global Limited
100.00
Ordinary shares
Vodafone Global Network Limited
100.00
Ordinary shares
Mountainview, Leopardstown, Dublin 18, Ireland
Vodafone Group Services Ireland Limited
85.71
Ordinary shares
Vodafone Ireland Limited
100.00
Ordinary shares
Vodafone Ireland Retail Limited
100.00
Ordinary shares
Italy
Via Astico 41, 21100 Varese, Italy
Vodafone Automotive Electronic Systems S.r.L
100.00
Ordinary shares
Vodafone Automotive S.p.A
100.00
Ordinary shares
Vodafone Automotive Telematics S.r.L
100.00
Ordinary shares
Via Bisceglie 73, 20152, Milan, Italy
Vodafone Enterprise Italy S.r.L
100.00
Euro shares
Vodafone Servizi E Tecnologie S.R.L.
100.00
Equity shares
Via Gabriele D'Annunzio, 4, 21010 Vizzola Ticino, VA, Italy
Vodafone Automotive Italia S.p.A
100.00
Ordinary shares
Via Lorenteggio 240, Milan, Italy
Vodafone IoT Italy, S.R.L.
100.00
Quotas shares
Japan
KAKiYA building, 9F, 2-7-17 Shin-Yokohama, Kohoku-ku, Yokoha-City, Kanagawa,
222-0033, Japan
Vodafone Automotive Japan KK
100.00
Ordinary shares
The Executive Centre, Level 20, Shin Marunouchi Center Building, 1-6-2
Marunouchi, Chiyoda-ku, Tokyo, 100-0005, Japan
Vodafone Enterprise U.K. - Japanese Branch
2
100.00
Branch
Vodafone Global Enterprise (Japan) K.K.
100.00
Ordinary shares
Jersey
44 Esplanade, St Helier, JE4 9WG, Jersey
Vodafone International 2 Limited
100.00
Ordinary shares
Kenya
6th Floor, ABC Towers, ABC Place, Waiyaki Way, Nairobi, 00100, Kenya
Vodafone Kenya Limited
5
69.46
Ordinary voting shares
The Riverfront, 4th floor, Prof. David Wasawo Drive, Off Riverside Drive, Nairobi,
Kenya
Vodacom Business (Kenya) Limited
5
52.08
Ordinary shares
Korea, Republic of
ASEM Tower level 37, 517 Yeongdong-daero, Gangnam-gu, Seoul, 135-798, Korea,
Republic of
Vodafone Enterprise Korea Limited
100.00
Ordinary shares
\n \n
% of share class held
Company name
by Group companies
Share class
Lesotho
585 Mabile Road, Vodacom Park, Maseru, Lesotho
VCL Financial Services (PTY) Ltd
5
52.08
Ordinary shares
Vodacom Lesotho (Pty) Limited
5
52.08
Ordinary shares
Luxembourg
15 rue Edward Steichen, Luxembourg, 2540, Luxembourg
Tomorrow Street GP S.\u00e0 r.l.
100.00
Ordinary shares
Ordinary euro
Vodafone Enterprise Luxembourg S.A.
100.00
shares
Vodafone Global Connect S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone International 1 S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone International M S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone Investments Luxembourg S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone Luxembourg S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone Procurement Company S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone Roaming Services S.\u00e0 r.l.
100.00
Ordinary shares
Malaysia
Suite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak, 50400 Kuala
Lumpur, Malaysia
Vodafone Global Enterprise (Malaysia) Sdn Bhd
100.00
Ordinary shares
Malta
Portomaso Business Tower, Level 15B, St Julians, STJ 4011, Malta
Vodafone Holdings Limited
100.00
\u2018A\u2019 Ordinary shares,
\u2018B\u2019 Ordinary shares
Vodafone Insurance Limited
100.00
\u2018A\u2019 Ordinary shares,
\u2018B\u2019 Ordinary shares
Mauritius
10th Floor, Standard Chartered Towers, 19 Cybercity, Ebene, Mauritius
Mobile Wallet VM1
5
65.10
Ordinary shares
Mobile Wallet VM2
5
65.10
Ordinary shares
VBA (Mauritius) Limited
5
65.10
Ordinary shares,
Redeemable
preference shares
Vodacom International Limited
5
65.10
Ordinary shares,
Non Cumulative
preference shares
Fifth Floor, Ebene Esplanade, 24 Bank Street, Cybercity, Ebene, Mauritius
Al-Amin Investments Limited
100.00
Ordinary shares
Array Holdings Limited
100.00
Ordinary shares
Asian Telecommunication Investments (Mauritius) Limited
100.00
Ordinary shares
CCII (Mauritius), Inc.
100.00
Ordinary shares
\n \n
% of share class held
Company name
by Group companies
Share class
CGP India Investments Ltd.
100.00
Ordinary shares
Euro Pacific Securities Ltd.
100.00
Ordinary shares
Mobilvest
100.00
Ordinary shares
Prime Metals Ltd.
100.00
Ordinary shares
Trans Crystal Ltd.
100.00
Ordinary shares
Vodafone Mauritius Ltd.
100.00
Ordinary shares
Vodafone Telecommunications (India) Limited
100.00
Ordinary shares
Vodafone Tele-Services (India) Holdings Limited
100.00
Ordinary shares
Mexico
Avenida Insurgentes Sur No. 1647, Piso 12, despacho 1202, Colonia San Jos\u00e9
Insurgentes, Alcald\u00eda Benito Ju\u00e1rez, C.P. 03900, Ciudad de M\u00e9xico, Mexico
Vodafone Empresa M\u00e9xico S.de R.L. de C.V.
100.00
Corporate
certificate series A
shares,
Corporate
certificate series B
shares
Mozambique
Rua dos Desportistas, Numero 649, Cidade de Maputo, Mozambique
Vodacom Mo\u00e7ambique, SA
5
55.33
Ordinary shares
Vodacom M-Pesa, SA
5
55.33
Ordinary shares
Netherlands
Rivium Quadrant 173, 15th Floor, 2909 LC, Capelle aan den IJssel, Netherlands
Vodafone Enterprise Netherlands B.V.
100.00
Ordinary shares
Vodafone Europe B.V.
100.00
Ordinary shares
Vodafone International Holdings B.V.
100.00
Ordinary shares
Zuid - hollanden 7, Rode Olifant, Spaces, 2596AL, den Haag, Netherlands
IOT.NXT B.V.
5
42.32
Ordinary shares
IoT.nxt EMENA B.V
5
42.32
Ordinary shares
IoT.nxt Europe BV
5
42.32
Ordinary shares
New Zealand
74 Taharoto Road, Takapuna, Auckland, 0622, New Zealand
Vodafone Enterprise Hong Kong Limited - New Zealand Branch
2
100.00
Branch
Norway
c/o EconPartner AS, Dronning Mauds gate 15, Oslo, 0250, Norway
Vodafone Enterprise Norway AS
100.00
Ordinary shares
Oman
Knowledge Oasis Muscat, Al-seeb, Muscat, Governorate P.O Box 104 135, Oman
Vodafone Services LLC
100.00
Shares
\n \n
% of share class held
Company name
by Group companies
Share class
Poland
ul. Towarowa 28, 00-839, Warsaw, Poland
Vodafone Business Poland sp. z o.o.
100.00
Ordinary shares
Portugal
Av. D. Jo\u00e3o II, n\u00ba 36 - 8\u00ba Piso, 1998 - 017, Parque das Na\u00e7\u00f5es, Lisboa, Portugal
Oni Way - Infocomunicacoes, S.A
100.00
Ordinary shares
Vodafone Enterprise Spain, S.L.U. \u2013 Portugal Branch
2
100.00
Branch
Vodafone IoT Portugal, Unipessoal Lda.
100.00
Quotas shares
Vodafone Portugal - Comunicacoes Pessoais, S.A.
100.00
Ordinary shares
Vodafone Solutions, Unipessoal LDA
100.00
Quota shares
Romania
1 A Constantin Ghercu Street, 10th Floor, 6th District, Bucharest, Romania
UPC Services S.R.L. (in liquidation)
100.00
Ordinary shares
13 Duca Voda Street, Ploiesti, Prahova County, Romania
Isys Professional SRL
100.00
Ordinary shares
18 Diligen\u021bei Steet, 1st floor, Building C1, Ploiesti, Prahova County, Romania
Evotracking SRL
100.00
Ordinary shares
201 Barbu Vacarescu Street, 5th floor, 2nd District, Bucharest, Romania
Vodafone External Services SRL
100.00
Ordinary shares
201 Barbu Vacarescu Street, Mezzanine, District 2, Bucharest, Romania
Vodafone Foundation
100.00
Sole member
201 Barbu Vacarescu, 4th floor, 2nd District, Bucharest, Romania
Vodafone Romania S.A
100.00
Ordinary shares
62 D Nordului Street, District 1, Bucharest, Romania
UPC Foundation
100.00
Sole member
Oltenitei Street no. 2, City Offices Building,
3rd Floor, Bucharest 4th District, Romania
Vodafone Rom\u00e2nia Technologies SRL
85.71
Ordinary shares
Sectorul 2, Strada Barbu V\u0103c\u0103rescu, Nr. 201, Etaj 1, Bucharest, Romania
Vodafone Rom\u00e2nia M - Payments SRL
100.00
Ordinary shares
Russian Federation
Build. 2, 14/10, Chayanova str., 125047, Moscow, Russian Federation
Cable & Wireless CIS Svyaz LLC
100.00
Charter capital shares
Serbia
Vladimira Popovi\u0107a 38-40,
New Belgrade, 11070, Serbia
Vodafone Enterprise Equipment Limited Ogranak u Beogradu - Serbia Branch
2
100.00
Branch
Singapore
Asia Square Tower 2, 12 Marina View, #17-01, 018961, Singapore
Vodafone Enterprise Singapore Pte.Ltd
100.00
Ordinary shares
Slovakia
Karad\u017ei\u010dova 2, mestsk\u00e1 \u010das\u0165 Star\u00e9 mesto, Bratislava, 811 09, Slovakia
\n \n
% of share class held
Company name
by Group companies
Share class
Vodafone Global Network Limited - organiza\u010dn\u00e1
zlo\u017eka (Slovakia Branch)
2
100.00
Branch
Prievozsk\u00e1 6, Bratislava, 821 09, Slovakia
Vodafone Czech Republic A.S. - Slovakia Branch
2
100.00
Branch
South Africa
9 Kinross Street, Germiston South, 1401, South Africa
Vodafone Holdings (SA) Proprietary Limited
100.00
Ordinary shares
Vodafone Investments (SA) Proprietary Limited
100.00
Ordinary A shares, \u2018B\u2019
Ordinary no par value
shares
Irene Link Building C, Third Floor, 5 Impala Avenue, Doringkloof, Centurion, Gauteng,
0046, South Africa
10T Holdings Proprietary Limited
5
42.32
Ordinary shares
IoT.nxt (Pty) Limited
5
42.32
Ordinary shares
IoT.nxt Development (Pty) Limited
5
42.32
Ordinary shares
Knightsbridge Office Park, 33 Sloane Street, Bryanston, Sandton, Gauteng, 2191,
South Africa
MAST Services Proprietary Limited
5
65.10
Ordinary shares
Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa
Infinity Services Partner Company
5
65.10
Ordinary shares
Jupicol (Proprietary) Limited
5
45.57
Ordinary shares
Mezzanine Ware Proprietary Limited
5
58.59
Ordinary shares
Motifprops 1 (Proprietary) Limited
5
65.10
Ordinary shares
Nexio (Proprietary) Limited
5
33.20
Ordinary shares
Sphinx Investment Holding Company (RF) (Proprietary) Limited
5
65.10
Ordinary shares
Vodacom (Pty) Limited
5
65.10
Ordinary shares,
Ordinary A shares
Vodacom Business Africa Group (Pty) Limited
5
65.10
Ordinary shares
Vodacom Business Africa SA (Pty) Limited
5
65.10
Ordinary shares
Vodacom Financial Services (Proprietary) Limited
5
65.10
Ordinary shares
Vodacom Group Limited
65.10
Ordinary shares
Vodacom Insurance Administration Company (Proprietary) Limited
5
65.10
Ordinary shares
Vodacom Insurance Company (RF) Limited
5
65.10
Ordinary shares
Vodacom International Holdings (Pty) Limited
5
65.10
Ordinary shares
Vodacom Life Assurance Company (RF) Limited
5
65.10
Ordinary shares
Vodacom Payment Services (Proprietary) Limited
5
65.10
Ordinary shares
Vodacom Properties No 1 (Proprietary) Limited
5
65.10
Ordinary shares
Vodacom Properties No.2 (Pty) Limited
5
65.10
Ordinary shares
Wheatfields Investments 276 (Proprietary) Limited
5
65.10
Ordinary shares
XLink Communications (Proprietary) Limited
5
65.10
Ordinary A shares
\n \n
% of share class held
Company name
by Group companies
Share class
Spain
Antracita, 7 - 28045, Madrid, Spain
Vodafone Automotive Iberia S.L.
100.00
Ordinary shares
Avenida de Am\u00e9rica 115, 28042, Madrid, Spain
Vodafone Enterprise Spain SLU
100.00
Ordinary euro
shares
Torre Norte Adif, Explanada de la Estaci\u00f3n no 7, 29002, M\u00e1laga, Spain
Vodafone Intelligent Solutions Espa\u00f1a, S.L.U.
100.00
Ordinary shares
Vodafone IoT Spain, S.L.
100.00
Ordinary shares
Sweden
C/o Aspia AB, Kopparbergsv\u00e4gen 11a, 722 13, V\u00e4ster\u00e5s, Sweden
Vodafone Enterprise Sweden AB
100.00
Ordinary shares,
Shareholder\u2019s
contribution shares
Switzerland
C/o BDO AG, Schiffbaustrasse 2, 8005, Zurich, Switzerland
Vodafone Enterprise Switzerland AG
100.00
Ordinary shares
Taiwan
22F., No.100, Songren Road., Xinyi District, Taipei City, 11070, Taiwan
Vodafone Global Enterprise Taiwan Limited
100.00
Ordinary shares
Tanzania, United Republic of
15 Floor, Vodacom Tower, Ursino Estate, Plot No. 23, Bagamoyo Road, Dar es Sala
am,
United Republic of Tanzania
M-Pesa Limited
5
48.82
Ordinary A shares,
Ordinary B shares
Shared Networks Tanzania Limited
5
48.82
Ordinary shares
Smile Communications Tanzania Limited
5
48.82
Ordinary shares
Vodacom Tanzania Public Limited Company
5
48.82
Ordinary shares
3rd Floor, Maktaba (Library), ComplexBibi, Titi Mohaned Road, Dar es Salaam, Unit
ed
Republic of Tanzania
Gateway Communications Tanzania Limited
5
64.45
Ordinary shares
Thailand
725 Metropolis Building, 20th floor, Unit 100, Sukhumvit Road, Klongton Nua Sub-
district, Watthana District, Bangkok, 10110, Thailand
Vodafone Business Siam Co., Ltd.
100.00
Ordinary shares
T\u00fcrkiye
B\u00fcy\u00fckdere
Caddesi,
No:
251,
Maslak,
\u015ei\u015fli
/
\u0130stanbul,
34398,
T
\u00fcrkiye
Vodafone Bilgi Ve Iletisim Hizmetleri AS
100.00
Registered shares
Vodafone Dagitim, Servis ve Icerik Hizmetleri A.S.
100.00
Ordinary shares
Vodafone Holding A.S.
100.00
Registered shares
Vodafone Kule ve Altyapi Hizmetleri A.S.
100.00
Ordinary shares
Vodafone Mall Ve Elektronik Hizmetler Ticaret AS
100.00
Ordinary shares
\n \n
%
of share class held
Company name
by
Group companies
Share class
Vodafone
Net
\u0130leti\u015fim
Hizmetleri
A.S.
100.00
Ordinary shares
Vodafone Telekomunikasyon A.S
100.00
Registered shares
\u0130T\u00dc Ayaza\u011fa
Kamp\u00fcs\u00fc,
Koru
Yolu,
Ar\u0131
Teknokent
Ar\u0131
3
Binas\u0131,
Maslak,
\u0130stanbul,
586553, T\u00fcrkiye
Vodafone Teknoloji Hizmetleri A.S.
100.00
Registered shares
Maslak Mah. AOS 55 Sk. 42 Maslak
Sit. B Blok Apt.
No: 4/663 ,
Sar\u0131yer Istanbul, T
\u00fcrkiye
Vodafone Finansman A.S.
100.00
Ordinary shares
Vodafone Elektronik Para Ve \u00d6deme Hizmetleri A.S.
100.00
Registered shares
Vodafone Sigorta Aracilik Hizmetleri A.S.
100.00
Ordinary shares
Maslak
Mah.
B\u00fcy\u00fckdere
Cad.
B\u00fcy\u00fckdere
No:
251,
Sar\u0131yer,
Istanbul
,
34453,
T
\u00fcrkiye
VOIS Turkey
Akilli
\u00c7\u00f6z\u00fcmler
Limited
\u015eirketi
85.71
Ordinary shares
Ukraine
Bohdana Khmelnytskogo Str. 19-21, Kyiv, Ukraine
LLC Vodafone Enterprise Ukraine
100.00
Ownership
percentage shares
United Arab Emirates
16-SD 129, Ground Floor, Building 16-Co Work, Dubai Internet City, United Arab
Emirates
Vodacom Fintech Services FZ-LLC
5
65.10
Ordinary shares
DSO ABCN 81010, ABCN DSO HQ, Dubai Silicon Oasis, Dubai, UAE, United Arab
Emirates
Sarmady Middle East FZE
5
35.82
Ordinary shares
Office 101, 1st Floor, DIC Building 1, Dubai Internet City, Dubai, United Arab Emirates
Vodafone Enterprise Europe (UK) Limited - Dubai Branch
2
100.00
Branch
\n\n \n
% of share class held
Company name
by Group companies
Share class
United Kingdom
11 Staple Inn Building, London, WC1V 7QH, United Kingdom
Vodacom Business Africa Group Services Limited
5
65.10
Ordinary shares,
Preference shares
Vodacom UK Limited
5
65.10
Ordinary shares,
Ordinary B shares,
Non-redeemable
ordinary A shares,
Non-redeemable
preference shares
50 Lothian Road, Festival Square,
Edinburgh, EH3 9WJ, United Kingdom
Thus Group Holdings Limited
100.00
Ordinary shares
Thus Group Limited
100.00
Ordinary shares
Vodafone (Scotland) Limited
100.00
Ordinary shares
3 More London, Riverside, London, SE12AQ, United Kingdom
IoT Nxt UK Limited
5
42.32
Ordinary shares
Quarry Corner, Dundonald, Belfast, BT16 1UD, Northern Ireland
Energis (Ireland) Limited
100.00
A ordinary shares,
B ordinary shares,
C ordinary shares,
D ordinary shares
Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom
Apollo Submarine Cable System Limited
100.00
Ordinary shares
Cable & Wireless Aspac Holdings Limited
100.00
Ordinary shares
Cable & Wireless CIS Services Limited
100.00
Ordinary shares
Cable & Wireless Communications Data Network Services Limited
100.00
\u2018A\u2019 Ordinary shares,
\u2018B\u2019 Ordinary
shares
Cable & Wireless Europe Holdings Limited
100.00
Ordinary shares
Cable & Wireless Global Telecommunication Services Limited
100.00
Ordinary shares
Cable & Wireless UK Holdings Limited
100.00
Ordinary shares
Cable & Wireless Worldwide Limited
100.00
Ordinary shares
Cable and Wireless (India) Limited
100.00
Ordinary shares
Cable and Wireless Nominee Limited
100.00
Ordinary shares
Central Communications Group Limited
100.00
Ordinary shares,
Ordinary A shares
Energis Communications Limited
100.00
Ordinary shares
Energis Squared Limited
100.00
Ordinary shares
London Hydraulic Power Company (The)
100.00
Ordinary shares,
5% Non-Cumulative
preference shares
Navtrak Ltd
100.00
Ordinary shares
Project Telecom Holdings Limited
1
100.00
Ordinary shares
Rian Mobile Limited
100.00
Ordinary shares
Talkmobile Limited
100.00
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
The Eastern Leasing Company Limited
100.00
Ordinary shares
Thus Limited
100.00
Ordinary shares
Vodafone 2.
100.00
Ordinary shares
Vodafone Automotive UK Limited
100.00
Ordinary shares
Vodafone Consolidated Holdings Limited
100.00
Ordinary shares
Vodafone Corporate Limited
100.00
Ordinary shares
Vodafone Corporate Secretaries Limited
1
100.00
Ordinary shares
Vodafone DC Pension Trustee Company Limited
1
100.00
Ordinary shares
Vodafone Distribution Holdings Limited
100.00
Ordinary shares
Vodafone Enterprise Corporate Secretaries Limited
100.00
Ordinary shares
Vodafone Enterprise Equipment Limited
100.00
Ordinary shares
Vodafone Enterprise Europe (UK) Limited
100.00
Ordinary shares
Vodafone Enterprise U.K.
100.00
Ordinary shares
Vodafone European Investments
1
100.00
Ordinary shares
Vodafone Finance Limited
1
100.00
Ordinary shares
Vodafone Finance Management
100.00
Ordinary shares
Vodafone Global Enterprise Limited
100.00
Ordinary shares,
Deferred shares,
B deferred shares
Vodafone Group (Directors) Trustee Limited
1
100.00
Ordinary shares
Vodafone Group Pension Trustee Limited
1
100.00
Ordinary shares
Vodafone Group Services Limited
100.00
Ordinary shares,
Deferred shares
Vodafone Group Services No.2 Limited
1
100.00
Ordinary shares
Vodafone Group Share Trustee Limited
1
100.00
Ordinary shares
Vodafone International 2 Limited - UK Branch
2
100.00
Branch
Vodafone International Operations Limited
100.00
Ordinary shares
Vodafone Investments Limited
1
100.00
Ordinary shares,
Zero coupon
redeemable
preference shares
Vodafone IoT UK Limited
100.00
Ordinary shares
Vodafone IP Licensing Limited
1
100.00
Ordinary shares
Vodafone Limited
100.00
Ordinary shares
% of share class held
Company name
by Group companies
Share class
United Kingdom (continued)
Vodafone Mobile Network Limited
100.00
Ordinary shares
Vodafone Nominees Limited
1
100.00
Ordinary shares
Vodafone Oceania Limited
100.00
Ordinary shares
Vodafone Overseas Finance Limited
100.00
Ordinary shares
Vodafone Partner Services Limited
100.00
Ordinary shares,
Redeemable
preference shares
Vodafone Retail (Holdings) Limited
100.00
Ordinary shares
Vodafone Sales & Services Limited
100.00
Ordinary shares
Vodafone Shared Operations Limited
7
85.71
Ordinary shares
Vodafone Shared Services UK Limited
85.71
Ordinary shares
Vodafone UK Investments Limited
1
100.00
Ordinary shares
Vodafone UK Trading Holdings Limited
100.00
Ordinary shares
Vodafone Ventures Limited
1
100.00
Ordinary shares
Vodaphone Limited
100.00
Ordinary shares
Your Communications Group Limited
100.00
B Ordinary shares,
Redeemable
preference shares
United States
1209 Orange, Orange Street, Wilmington, New Castle DE 19801, United States
IoT nxt USA Inc
5
42.32
Common stock shares
1450 Broadway, Fl 11, Suite 104, New York NY 10018, United States
Cable & Wireless Americas Systems, Inc.
100.00
Common stock shares
Vodafone Americas Virginia Inc.
100.00
Common stock shares
Vodafone IoT Incorporated
100.00
Common stock shares
Vodafone US Inc.
100.00
Common stock shares
1615 Platte Street, Suite 02-115, Denver CO 80202, United States
Vodafone Americas Foundation
100.00
Trustee
Associated undertakings and joint arrangements
% of share class held
Company name
by Group companies
Share class
Australia
Level 27, Tower Two, International Towers Sydney, 200 Barangaroo Avenue,
Barangaroo NSW 2000, Australia
3.6 GHz Spectrum Pty Ltd
25.05
Ordinary shares
AAPT Limited
25.05
Ordinary shares
ACN 088 889 230 Pty Ltd
25.05
Ordinary shares
ACN 139 798 404 Pty Ltd
25.05
Ordinary shares
Adam Internet Holdings Pty Ltd
25.05
Ordinary shares
Adam Internet Pty Ltd
25.05
A shares, B shares,
Ordinary shares
Agile Pty Ltd
25.05
Ordinary shares
AlchemyIT Pty Ltd
25.05
Ordinary shares
Chariot Pty Ltd
25.05
Ordinary shares
Chime Communications Pty Ltd
25.05
Ordinary shares
Connect West Pty Ltd
25.05
Ordinary shares
Destra Communications Pty Ltd
25.05
Ordinary shares
Digiplus Contracts Pty Ltd
25.05
Ordinary shares
Digiplus Holdings Pty Ltd
25.05
Ordinary shares
Digiplus Investments Pty Ltd
25.05
Ordinary shares
Digiplus Pty Ltd
25.05
Ordinary shares
H3GA Properties (No. 3) Pty Ltd
25.05
Ordinary shares
iiNet Labs Pty Ltd
25.05
Ordinary shares
iiNet Limited
25.05
Ordinary shares
Internode Pty Ltd
25.05
Ordinary shares,
Class B shares
IntraPower Pty Ltd
25.05
Ordinary shares
Intrapower Terrestrial Pty Ltd
25.05
Ordinary shares
IP Group Pty Ltd
25.05
Ordinary shares
IP Services Xchange Pty Ltd
25.05
A shares, B shares
Kooee Communications Pty Ltd
25.05
Ordinary shares
Kooee Mobile Pty Ltd
25.05
Ordinary shares
Mercury Connect Pty Ltd
25.05
Ordinary shares,
E class shares
Mobile JV Pty Limited
25.05
Ordinary shares
Mobileworld Communications Pty Limited
25.05
Ordinary shares
Mobileworld Operating Pty Ltd
25.05
Ordinary shares
Netspace Online Systems Pty Ltd
25.05
Ordinary shares
Numillar IPS Pty Ltd
25.05
Ordinary shares
\n\n\n \n
% of share class held
Company name
by Group companies
Share class
Australia (continued)
PIPE International (Australia) Pty Ltd
25.05
Ordinary shares
PIPE Networks Pty Limited
25.05
Ordinary shares
PIPE Transmission Pty Limited
25.05
Ordinary shares
PowerTel Limited
25.05
Ordinary shares
Request Broadband Pty Ltd
25.05
Ordinary shares
Soul Communications Pty Ltd
25.05
Ordinary shares
Soul Contracts Pty Ltd
25.05
Ordinary shares
Soul Pattinson Telecommunications Pty Ltd
25.05
Ordinary shares
SPT Telecommunications Pty Ltd
25.05
Ordinary shares
SPTCom Pty Ltd
25.05
Ordinary shares
Telecom Enterprises Australia Pty Limited
25.05
Ordinary shares
Telecom New Zealand Australia Pty Ltd
25.05
Ordinary shares,
Redeemable
preference shares
TPG Corporation Limited
25.05
Ordinary shares
TPG Energy Pty Ltd
25.05
Ordinary shares
TPG Finance Pty Ltd
25.05
Ordinary shares
TPG Holdings Pty Ltd
25.05
Ordinary shares
TPG Internet Pty Ltd
25.05
Ordinary shares
TPG JV Company Pty Ltd
25.05
Ordinary shares
TPG Network Pty Ltd
25.05
Ordinary shares
TPG Telecom Limited
25.05
Ordinary shares
TransACT Capital Communications Pty Ltd
25.05
Ordinary shares
TransACT Communications Pty Ltd
25.05
Ordinary shares
TransACT Victoria Communications Pty Ltd
25.05
Ordinary shares
TransACT Victoria Holdings Pty Ltd
25.05
Ordinary shares
Trusted Cloud Pty Ltd
25.05
Ordinary shares
Trusted Cloud Solutions Pty Ltd
25.05
Ordinary shares
Value Added Network Pty Ltd
25.05
Ordinary shares
Vision Network Pty Ltd
25.05
Ordinary shares
Vodafone Australia Pty Limited
25.05
Ordinary shares,
Class B shares,
Redeemable
preference shares
Vodafone Foundation Australia Pty Limited
25.05
Ordinary shares
Vodafone Hutchison Receivables Pty Limited
25.05
Ordinary shares
Vodafone Hutchison Spectrum Pty Limited
25.05
Ordinary shares
Vodafone Network Pty Limited
25.05
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
Vodafone Pty Limited
25.05
Ordinary shares
VtalkVoip Pty Ltd
25.05
Ordinary shares
Westnet Pty Ltd
25.05
Ordinary shares
Belgium
Space Court of Justic, Rue aux Laines 70, 1000 Brussels, Belgium
Utiq S.A
25.00
Ordinary shares
Bermuda
Clarendon House, 2 Church St, Hamilton, HM11, Bermuda
PPC 1 Limited
25.05
Ordinary shares
Czech Republic
Praha 4, Z\u00e1vi\u0161ova 502/5, 14000, Nusle, Czech Republic
Vantage Towers s.r.o.
4
44.66
Ordinary shares
U Rajsk\u00e9 zahrady 1912/3, Praha 3, 13000, Czech Republic
COOP Mobil s.r.o.
33.33
Ordinary shares
Egypt
23 Kasr El Nil St, Cairo, 11211, Egypt
Wataneya Telecommunications S.A.E
50.00
Ordinary shares
Ethiopia
Kirkos Sub City, Woreda 01, House No. New, Addis Ababa, Ethiopia
Safaricom M-PESA Mobile Financial Services Plc
5
18.07
Ordinary shares
Safaricom Telecommunications Ethiopia Private Limited Company
5
18.07
Ordinary shares
Germany
38 Berliner Allee, 40212, D\u00fcsseldorf, Germany
MNP Deutschland Gesellschaft b\u00fcrgerlichen Rechts
33.33
Partnership share
Ferdinand-Braun-Platz 1, 40549, D\u00fcsseldorf, Germany
OXG Glasfaser Beteiligungs GmbH
50.00
Ordinary shares
OXG Glasfaser GmbH
50.00
Ordinary shares
Nobelstrasse 55, 18059, Rostock, Germany
Verwaltung Urbana Teleunion Rostock GmbH
3
50.00
Ordinary shares
Prinzenallee 11-13, 40549, D\u00fcsseldorf, Germany
Oak Holdings 1 GmbH
50.00
Ordinary shares
Oak Holdings 2 GmbH
50.00
Ordinary shares
Oak Holdings GmbH
50.00
Ordinary shares
Oak Renewables GmbH
50.00
Ordinary shares
Vantage Towers AG
44.66
Ordinary shares
Vantage Towers Erste Verwaltungsgesellschaft GmbH
4
44.66
Ordinary shares
\n \n
% of share class held
Company name
by Group companies
Share class
Greece
2 Adrianeiou str, Athens, 11525, Greece
Vantage Towers Single Member Societe Anonyme
4
44.66
Ordinary shares
12 Rizareiou str, Halandri, 15233, Greece
Tilegnous IKE
33.29
Ordinary shares
43-45 Valtetsiou Str., Athens, Greece
Safenet N.P,A.
24.97
Issued shares
Marathonos Ave 18 kn & Pylou, Pallini, Attica, 15351 Greece
Victus Networks S.A.
49.94
Ordinary shares
Hungary
Boldizs\u00e1r utca 2, Budapest, 1112, Hungary
Vantage
Towers Z\u00e1rtk\u00f6r\u0171en
M\u0171k\u00f6d\u0151,
R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
4
44.66
Ordinary shares
India
10
th
Floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg,
Worli, Mumbai, Maharashtra, 400030, India
Vodafone Foundation
6
24.03
Ordinary shares
Vodafone Idea Next-Gen Solutions Limited
6
24.39
Ordinary shares
Vodafone Idea Shared Services Limited
6
24.39
Ordinary shares
Vodafone Idea Technology Solutions Limited
6
24.39
Ordinary shares
You Broadband India Limited
6
24.39
Equity shares
Suman Tower, Plot No. 18, Sector No. 11, Gandhinagar, 382011, Gujarat, India
Vodafone Idea Limited
24.39
Equity shares
Vodafone Idea Manpower Services Limited
6
24.10
Ordinary shares
Vodafone House, Corporate Road, Prahladnagar, Off S. G. Highway, Ahmedabad,
Gujarat, 380051, India
Vodafone Idea Business Services Limited
6
24.39
Ordinary shares
Vodafone Idea Communication Systems Limited
6
24.39
Ordinary shares
Vodafone Idea Telecom Infrastructure Limited
6
24.39
Ordinary shares
Ireland
Mountainview, Leopardstown, Dublin 18, Ireland
Vantage Towers Limited
4
44.66
Ordinary shares
The Herbert Building, The Park, Carrickmines, Dublin, Ireland
Siro DAC
50.00
Ordinary shares
Siro JV Holdco Limited
50.00
Ordinary B shares
Italy
Via Gaetana Negri 1, 20123, Milano, Italy
Infrastrutture Wireless Italiane S.p.A.
16.79
Ordinary shares
\n \n
% of share class held
Company name
by Group companies
Share class
Kenya
6
th
Floor, ABC Towers, ABC Place, Waiyaki Way, Nairobi, 00100, Kenya
M-PESA Holding Co. Limited
27.74
Ordinary equity
shares
LR No. 13263 Safaricom House, PO Box 66827, 00800, Nairobi, Kenya
Safaricom PLC
27.74
Ordinary shares
Safaricom House, Waiyaki Way Westlands, Nairobi, Kenya
M-PESA Africa Limited
5
46.42
Ordinary shares
Luxembourg
15 rue Edward Steichen, Luxembourg, 2540, Luxembourg
Tomorrow Street SCA
50.00
Ordinary B shares,
Ordinary C shares
Netherlands
Avenue Ceramique 300, 6221 Kx, Maastricht, Netherlands
Vodafone Antennelocaties B.V.
50.00
Ordinary shares
Vodafone Libertel B.V.
50.00
Ordinary shares
Boven Vredenburgpassage 128, 3511 WR, Utrecht, Netherlands
Amsterdamse Beheer-en Consultingmaatschappij B.V.
50.00
Ordinary shares
Esprit Telecom B.V.
50.00
Ordinary shares
Vodafone Financial Services B.V.
50.00
Ordinary shares
Vodafone Nederland Holding I B.V.
50.00
Ordinary shares
Vodafone Nederland Holding II B.V.
50.00
Ordinary shares
VodafoneZiggo Employment B.V.
50.00
Ordinary shares
VodafoneZiggo Group B.V.
50.00
Ordinary shares
VodafoneZiggo Group Holding B.V.
50.00
Ordinary shares
VZ Financing I B.V.
50.00
Ordinary shares
VZ Financing II B.V.
50.00
Ordinary shares
VZ FinCo B.V.
50.00
Ordinary shares
VZ PropCo B.V.
50.00
Ordinary shares
VZ Secured Financing B.V.
50.00
Ordinary shares
Ziggo B.V.
50.00
Ordinary shares
Ziggo Deelnemingen B.V.
50.00
Ordinary shares
Ziggo Netwerk II B.V.
50.00
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
Ziggo Real Estate B.V.
50.00
Ordinary shares
Ziggo Services B.V.
50.00
Ordinary shares
Ziggo Services Employment B.V.
50.00
Ordinary shares
Ziggo Services Netwerk 2 B.V.
50.00
Ordinary shares
Ziggo Zakelijk
Services B.V.
50.00
Ordinary shares
ZUM B.V.
50.00
Ordinary shares
Media Parkboulevard 2, 1217 WE Hilversum, Netherlands
Liberty Global Content Netherlands B.V.
50.00
Ordinary shares
Regus, 3 More London Riverside, London SE1 2RE
Global Partnership for Ethiopia B.V.
18.07
Ordinary shares
Rivium Quadrant 175, 2909 LC, Capelle aan den Ijssel, Netherlands
Central Tower Holding Company B.V.
4
44.66
Ordinary shares
Winschoterdiep 60, 9723 AB Groningen, Netherlands
Ziggo Bond Company B.V.
50.00
Ordinary shares
Ziggo Netwerk B.V.
50.00
Ordinary shares
Portugal
Av. D. Jo\u00e3o II, n\u00ba 36 - 8\u00ba Piso, 1998 - 017, Parque das Na\u00e7\u00f5es, Lisboa, Portugal
DABCO Portugal, Lda
80.20
Ordinary shares
Edif. Arquiparque VII, R Dr Ant\u00f3nio Loureiro Borges, 7, 3.\u00b0, 1495-131 Alg\u00e9s, Oeiras,
Portugal
Vantage Towers, S.A.
4
44.66
Ordinary shares
Rua Pedro e In\u00eas, Lote 2.08.01, 1990-075,
Parque das Na\u00e7\u0151es, Lisboa, Portugal
Sport TV Portugal, S.A.
25.00
Nominative shares
S\u00cdTIO Sete Rios - Pra\u00e7a Nuno Rodrigues dos Santos, 7, 1600-171 , Lisboa, Portugal
Dual Grid \u2013 Gest\u00e3o de Redes Partilhadas, S.A.
50.00
Ordinary shares
Romania
Calea Floreasca no. 169A, 3
rd
floor, District 1, Bucharest, Romania
Vantage Towers S.R.L.
4
44.66
Ordinary shares
Floor 3, Module 2, Connected buildings III, Nr. 10A, Dimitrie Pompei Boulevard,
Bucharest, Sector 2, Romania
Netgrid Telecom SRL
50.00
Ordinary shares
Russian Federation
Building 3, 11, Promyshlennaya Street, Moscow, 115 516, Russian Federation
Autoconnex Limited
35.00
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
South Africa
76 Maude Street, Sandton, Johannesberg, 2196, South Africa
Waterberg Lodge (Proprietary) Limited
5
32.55
Ordinary shares
Celtis Plaza North, 1085 Schoeman Street, Hatfield, Pretoria, 0028, South Africa
Afri G I S (Pty) Ltd
5
21.16
Ordinary shares
Rigel Office Park Block A, No 446 Rigel Avenue South, Erasmu, South Africa
Canard Spatial Technologies Proprietary Limited
5
21.16
Ordinary shares
Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa
M-Pesa S.A (Proprietary) Limited
5
46.42
Ordinary shares
Spain
Calle San Severo 22, 28042, Madrid, Spain
Vantage Towers, S.L.U.
4
44.66
Ordinary shares
Tanzania, United Republic of
Plot No. 23, Ursino Estate, Bagamoyo Road, Dar es Salaam, Tanzania, United
Republic of
Vodacom Trust Limited
5
(in liquidation)
48.82
Ordinary A shares,
Ordinary B shares
T\u00fcrkiye
\u00c7ifte Havuzlar Mah Eski Londra Asfalti Cad No: 151/1E/301, Esenler, Istanbul,
T\u00fcrkiye
FGS Bilgi Islem Urunler Sanayi ve Ticaret AS
50.00
Ordinary shares
Levazim Mahallesi Vadi Caddesi Zorlu Center No:2 Ic Kapi No: 347, Besiktas,
Istanbul, T\u00fcrkiye
Red Haven Veri Merkezi Anonim Sirketi
50.00
Ordinary A Shares,
Ordinary B Shares
United Kingdom
One Kingdom Street, London, W2 6BY, United Kingdom
DABCO Limited
8
80.00
Ordinary shares,
Series A - preference
shares
24/25 The Shard, 32 London Bridge Street, London, SE1 9SG, United Kingdom
Digital Mobile Spectrum Limited
25.00
Ordinary shares
Floor 5, 20 Fenchurch Street, London, EC3M 3BY, United Kingdom
VodaFamily Ethiopia Holding Company Limited
5
31.47
Ordinary shares
Griffin House, 161 Hammersmith Road, London, W6 8BS, United Kingdom
Cable & Wireless Trade Mark Management Limited
50.00
Ordinary A shares,
Ordinary B shares
Hive 2, 1530 Arlington Business Park, Theale, Reading, Berkshire, RG7 4SA, United
Kingdom
Cornerstone Telecommunications Infrastructure Limited
5
22.33
Ordinary shares
% of share class held
Company name
by Group companies
Share class
Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom
Vodafone Hutchison (Australia) Holdings Limited
50.00
Ordinary shares
United States
251 Little Falls Drive, Wilmington DE 19808, United States
PPC 1 (US) Inc.
25.05
Ordinary shares
Ziggo Financing Partnership
50.00
Partnership interest
\n
Notes:
\n
1.
Directly held by Vodafone Group Plc.
\n
2.
Branches.
\n
3.
Shareholding is indirect through Vodafone Deutschland GmbH.
\n
4.
Shareholding is indirect through Vantage Towers A.G.
\n
5.
Shareholding is indirect through Vodacom Group Limited. The indirect shareholding is calculated using the 65.10% ownership interest
\n
in Vodacom Group Limited.
\n
6.
Includes the indirect interest held through Vodafone Idea Limited.
\n
7.
Accenture Holdings B.V. holds 20% of the total voting rights in Vodafone Shared Operations Limited.
\n
8.
SC DABCO Management LLC has joint control rights over DABCo Limited.
\n
Selected financial information
\n
The table below shows selected financial information in respect of subsidiaries that have non-controlling interests
\n
that are material to the Group.
Vodacom Group Limited
2025
2024
\u20acm
\u20acm
Summary comprehensive income information
Revenue
7,791
7,420
Profit for the financial year
1,058
920
Other comprehensive expense
(121)
217
Total comprehensive income
937
1,137
Other financial information
Profit for the financial year allocated to non-controlling interests
422
368
Dividends paid to non-controlling interests
249
260
Summary financial position information
Non-current assets
8,002
7,517
Current assets
3,808
3,437
Total assets
11,810
10,954
Non-current liabilities
(3,535)
(3,198)
Current liabilities
(3,802)
(3,446)
Total assets less total liabilities
4,473
4,310
Equity shareholders\u2019 funds
3,353
3,275
Non-controlling interests
1,120
1,035
Total equity
4,473
4,310
Statement of cash flows
Net cash inflow from operating activities
2,573
2,285
Net cash outflow from investing activities
(1,101)
(943)
Net cash outflow from financing activities
(1,328)
(1,276)
Net cash inflow/(outflow)
144
66
Cash and cash equivalents brought forward
1,052
1,075
Exchange loss on cash and cash equivalents
(8)
(89)
Cash and cash equivalents
1,188
1,052
32. Subsidiaries exempt from audit
\n
The following UK subsidiaries will take advantage of the audit exemption set out within section 479A
\n
of the Companies Act 2006 for the year ended 31 March 2025.
Name
Registration number
Cable & Wireless Aspac Holdings Limited
04705342
Cable & Wireless CIS Services Limited
02964774
Cable & Wireless Europe Holdings Limited
04659719
Cable & Wireless UK Holdings Limited
03840888
Cable & Wireless Worldwide Limited
07029206
Cable and Wireless Nominee Limited
03249884
Energis (Ireland) Limited
NI035793
Energis Communications Limited
02630471
Energis Squared Limited
03037442
London Hydraulic Power Company (The)
ZC000055
Project Telecom Holdings Limited
03891879
Eastern Leasing Company Limited (The)
01672832
Thus Group Holdings Limited
SC192666
Thus Group Limited
SC226738
Vodafone 2.
04083193
Vodafone Consolidated Holdings Limited
05754561
Vodafone Corporate Secretaries Limited
02357692
Vodafone Distribution Holdings Limited
03357115
Vodafone Enterprise Corporate Secretaries Limited
02303594
Vodafone Enterprise Equipment Limited
01648524
Vodafone Enterprise Europe (UK) Limited
03137479
Vodafone European Investments
03961908
Vodafone Finance Management
02139168
Vodafone International Operations Limited
02797438
Vodafone Investments Limited
01530514
Vodafone IOT UK Limited
15364581
Vodafone IP Licensing Limited
06846238
Vodafone Nominees Limited
01172051
Vodafone Overseas Finance Limited
04171115
Vodafone Partner Services Limited
04012582
Vodafone UK Investments Limited
02227940
Name
Registration number
Vodafone UK Trading Holdings Limited
14903490
Your Communications Group Limited
04171876
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00849": { "value": "12. Associates and joint arrangements
The Group holds interests in associates in Kenya, where we have significant influence, as well
\n
as in a number of joint arrangements, notably in the Netherlands, India, Australia and Oak
\n
Holdings 1 GmbH and its markets, where we share control with one or more third parties. See
\n
note 1 \u2018Basis of preparation\u2019 to the consolidated financial statements for further details.
\n
Accounting policies
\n
Interests in joint arrangements
\n
A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic
\n
activity that is subject to joint control; that is, when the relevant activities that significantly affect the investee\u2019s
\n
returns require the unanimous consent of the parties sharing control. Joint arrangements are either joint
\n
operations or joint ventures.
\n
Gains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint
\n
arrangement are recognised in respect of the Group\u2019s entire equity holding in the subsidiary.
\n
Joint operations
\n
A joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets,
\n
and obligations for the liabilities, relating to the arrangement or that other facts and circumstances indicate that
\n
this is the case. The Group\u2019s share of assets, liabilities, revenue, expenses and cash flows are combined with the
\n
equivalent items in the consolidated financial statements on a line-by-line basis.
\n
Any goodwill arising on the acquisition of the Group\u2019s interest in a joint operation is accounted for in accordance
\n
with the Group\u2019s accounting policy for goodwill arising on the acquisition of a subsidiary.
\n
Joint ventures
\n
A joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets
\n
of the arrangement.
\n
At the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the
\n
identifiable assets, liabilities and contingent liabilities of the joint venture is recognised as goodwill. The goodwill
\n
is included within the carrying amount of the investment.
\n
The results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held
\n
for sale (see note 7 \u2018Discontinued operations and assets held for sale\u2019), are incorporated in the consolidated
\n
financial statements using the equity method of accounting. Under the equity method, investments in joint
\n
ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition
\n
changes in the Group\u2019s share of the net assets of the joint venture, less any impairment in the value of the
\n
investment. The Group\u2019s share of post-tax profits or losses are recognised in the consolidated income statement.
\n
Losses of a joint venture in excess of the Group\u2019s interest in that joint venture are recognised only to the extent
\n
that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.
\n
Associates
\n
An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an
\n
interest in a joint arrangement.
\n
Significant influence is the power to participate in the financial and operating policy decisions of the investee but
\n
where the Group does not have control or joint control over those policies.
\n
At the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the
\n
identifiable assets, liabilities and contingent liabilities of the associate is recognised as goodwill. The goodwill is
\n
included within the carrying amount of the investment.
\n
The results and assets and liabilities of associates are incorporated in the consolidated financial statements using
\n
the same equity method of accounting used for joint ventures, described above.
\n
Joint ventures and associates
2025
2024
\u20acm
\u20acm
Investments in joint ventures
6,342
8,203
Investments in associates
550
1,829
31 March
6,892
10,032
Share of net liabilities in joint ventures
(96)
\u2013
31 March
(96)
\u2013
\n
Joint ventures
\n
The financial and operating activities of the Group\u2019s joint ventures are jointly controlled by the participating
\n
shareholders. The participating shareholders have rights to the net assets of the joint ventures through their
\n
equity shareholdings. Unless otherwise stated, the Group\u2019s principal joint ventures all have share capital
\n
consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all
\n
joint ventures is also their principal place of operation.
\n\n \n
Country of
Percentage
Percentage
incorporation or
shareholdings
1
shareholdings
1
Name of joint venture
Principal activity
registration
2025
2024
Oak Holdings 1 GmbH
Network infrastructure
Germany
50.0
60.3
VodafoneZiggo Group Holding B.V.
Network operator
Netherlands
50.0
50.0
OXG Glasfaser Beteiligungs GmbH
Fibre infrastructure
Germany
50.0
50.0
Vodafone Idea Limited
2
Network operator
India
24.4
31.4
TPG Telecom Limited
3
Network operator
Australia
25.1
25.1
\n
Notes:
\n
1.
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n
2.
At 31 March 2025 the
fair value of the Group\u2019s interest in Vodafone Idea Limited was INR 118
billion (\u20ac1,283
million) (2024: INR 208
\n
billion (\u20ac2,313
million)) based on the quoted share price on the National Stock Exchange of India. On 30 March 2025, Vodafone Idea
\n
announced that the Government of India had agreed to convert US$4.3 billion (\u20ac4.0 billion) of outstanding spectrum dues to equity
and
\n
the associated dues were reported within equity as at 31 March 2025. The Group\u2019s shareholding
in Vodafone Idea Limited was
\n
subsequently diluted to 16.1% in April 2025.
\n
3.
At 31 March 2025 the
fair value of the Group\u2019s interest in TPG Telecom Limited was AUD 2,236
million (\u20ac1,290
million) (2024: AUD
\n
2,101 million
(\u20ac1,269 million)) based on the quoted share price on ASX.
\n
Oak Holdings 1 GmbH
\n
On 22 July 2024, the Group announced the sale of a further 10.3% stake in Oak Holdings 1 GmbH, the
\n
partnership that co-controls
Vantage Towers, for \u20ac1,336 million, leaving the Group\u2019s retained interest at 50.0%.
\n
Oak Holdings 1 GmbH owns 89.3% of Vantage Towers.
\n
A net gain on disposal of \u20ac26 million has been recorded within Other income in the Consolidated income
\n
statement.
\n
OXG Glasfaser Beteiligungs GmbH
\n
In March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG
\n
Glasfaser Beteiligungs GmbH (\u2018OXG\u2019), with 50.0% shareholding held by each shareholder. Each shareholder is
\n
committed to contribute funding of up to
\u20ac950 million to OXG for the deployment of fibre-to-the-home
in
\n
Germany. During the year ended 31 March 2025, the Group provided \u20ac36 million (2024: \u20ac32
million) of capital
\n
contributions to OXG. The remaining funding commitment of \u20ac882
million is expected to be contributed
\n
between 2025 and 2029. The amount and timing of the funding depends on the speed and size of the fibre
\n
deployment. The contribution can be in the form of free capital reserves, shareholder loan, loan notes or similar
\n
instruments as agreed by the shareholders.
\n
Vodafone Idea Limited
\n
The Group\u2019s carrying value in Vodafone Idea Limited (\u2018VIL\u2019) reduced to \u20acnil at 30 September 2019. The Group\u2019s
\n
share of VIL\u2019s losses not recognised at 31 March 2025 is \u20ac1,758
million (2024: \u20ac4,528 million).
\n
During the year VIL has undertaken equity fund-raisings
totalling \u20ac2.5 billion and has undertaken a further
\n
conversion of debt due to the Government of India during April 2025, resulting
in the Group\u2019s interest in VIL
\n
reducing to 16.1%.
\n
TPG Telecom Limited
\n
TPG Telecom Limited is listed on the Australian
Securities Exchange (\u2018ASX\u2019). Vodafone and Hutchison
\n
Telecommunications (Australia) Limited each own an economic interest of 25.05%, with the remaining 49.9%
\n
listed as free float on the ASX. The financial information presented in the tables below includes debt held within
\n
the structure that holds the Group\u2019s interest in TPG,
for which the Group provides a guarantee over its share (see
\n
note 22 \u2018Capital and financial risk management\u2019).
\n
Dividends received from joint ventures
\n
During the year ended 31 March 2025, the Group received dividends included in the consolidated statement of
\n
cash flows from VodafoneZiggo Group Holding B.V. of \u20ac63 million (2024: \u20ac100 million, 2023: \u20ac165 million), TPG
\n
Telecom Limited of \u20ac24 million (2024: \u20ac23 million, 2023: \u20ac24 million) and Oak Holdings 1 GmbH of \u20ac307
\n
million (2024: \u20ac196 million, 2023: \u20acnil).
\n
Aggregated financial information
\n
The table below provides aggregated financial information for the Group\u2019s joint ventures as it relates to the
\n
amounts recognised in the consolidated income statement and consolidated statement of financial position.
\n\n \n
Investment in joint ventures
1
(Loss)/profit for the financial year
2
2025
2024
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Oak Holdings 1 GmbH
5,943
7,620
(74)
(85)
\u2013
VodafoneZiggo Group Holding B.V.
330
516
(125)
(177)
137
TPG Telecom Limited
(96)
(2)
(97)
(74)
48
INWIT S.p.A.
\u2013
\u2013
\u2013
\u2013
30
Other
69
69
(65)
(43)
(15)
Total
6,246
8,203
(361)
(379)
200
\n
Notes:
\n
1.
Includes share of net liabilities in joint ventures.
\n
2.
Total Other comprehensive (expense)/income is not materially different to (loss)/profit for the financial year.
\n
Summarised financial information
\n
Summarised financial information for the Group\u2019s material joint ventures on a 100% ownership basis is set out
\n
below.
\n\n \n
Oak Holdings 1 GmbH
VodafoneZiggo Group Holding B.V.
2025
2024
2023
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
1,249
1,166
\u2013
4,082
4,128
4,063
Operating expenses
(117)
(130)
\u2013
(2,190)
(2,195)
(2,124)
Depreciation and amortisation
(953)
(868)
\u2013
(1,600)
(1,555)
(1,527)
Other income/(expense)
(26)
5
\u2013
\u2013
\u2013
\u2013
Operating profit
153
173
\u2013
292
378
412
Interest income
7
5
\u2013
\u2013
\u2013
\u2013
Interest expense
(538)
(455)
\u2013
(652)
(809)
11
(Loss)/profit before tax
(378)
(277)
\u2013
(360)
(431)
423
Income tax credit/(expense)
212
132
\u2013
111
77
(150)
(Loss)/profit for the financial
year
1
(166)
(145)
\u2013
(249)
(354)
273
\n\n \n
Vodafone Idea Limited
TPG Telecom Limited
2025
2024
2023
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
4,797
4,749
5,046
3,359
3,371
3,027
Operating expenses
(3,005)
(3,066)
(3,280)
(2,320)
(2,238)
(1,870)
Depreciation and amortisation
(2,142)
(2,178)
(2,396)
(902)
(891)
(700)
Other income
\u2013
83
\u2013
\u2013
\u2013
\u2013
Operating (loss)/profit
(350)
(412)
(630)
137
242
457
Interest income
107
7
9
\u2013
\u2013
\u2013
Interest expense
(2,539)
(2,718)
(2,567)
(391)
(368)
(172)
(Loss)/profit before tax
(2,782)
(3,123)
(3,188)
(254)
(126)
285
Income tax (expense)/credit
(2)
(95)
\u2013
27
(8)
(25)
(Loss)/profit for the financial
year
1
(2,784)
(3,218)
(3,188)
(227)
(134)
260
\n\n \n
INWIT S.p.A.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Income statement
Revenue
\u2013
\u2013
853
Operating expenses
\u2013
\u2013
(73)
Depreciation and amortisation
\u2013
\u2013
(508)
Operating profit
\u2013
\u2013
272
Interest expense
\u2013
\u2013
(81)
Profit before tax
\u2013
\u2013
191
Income tax expense
\u2013
\u2013
(1)
Profit for the financial year
1
\u2013
\u2013
190
\n
Note:
\n
1.
Total Other comprehensive income/(expense) is not materially different to profit/(loss) for the financial year.
\n
As disclosed above, the Group\u2019s investment in VIL was reduced to \u20acnil in the year ended 31 March 2020 and the
\n
Group has not recorded any profit or loss in respect of its share of VIL\u2019s results since that date.
\n
Financial information is presented for TPG Telecom Limited (\u2018TPG\u2019) for the year to, and as at 31 December 2024
\n
on the basis that full-year information in relation to TPG has not been released at the date of approval of these
\n
consolidated financial statements and as such is market sensitive for TPG.
\n
Financial information presented for INWIT S.p.A. for the years to 31 March 2023 is based on the financial results
\n
and financial position as at 31 December 2022.
\n
Summarised financial information
\n
Summarised financial information for the Group\u2019s material joint ventures on a 100% ownership basis is set out
\n
below.
\n\n \n
Oak Holdings 1 GmbH
VodafoneZiggo Group
2025
2024
Holding B.V.
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
Statement of financial position
Non-current assets
24,149
24,015
15,012
15,753
Current assets
749
746
788
884
Total assets
24,898
24,761
15,800
16,637
Equity shareholders\u2019 funds
11,887
12,630
660
1,033
Non-current liabilities
10,167
9,386
12,773
13,145
Current liabilities
2,844
2,745
2,367
2,459
Cash and cash equivalents within current assets
240
267
144
61
Non-current liabilities excluding trade and other
payables and provisions
9,560
8,751
12,640
12,995
Current liabilities excluding trade and other payables and
provisions
502
502
1,094
1,171
\n\n \n
Vodafone Idea Limited
TPG Telecom Limited
2025
2024
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
Statement of financial position
Non-current assets
16,069
16,251
9,024
9,663
Current assets
2,817
1,654
734
900
Total assets
18,886
17,905
9,758
10,563
Equity shareholders\u2019 (deficit)/funds
(9,479)
(13,710)
2,175
2,606
Non-current liabilities
22,636
25,855
6,523
6,789
Current liabilities
5,729
5,760
1,060
1,168
Cash and cash equivalents within current assets
1,145
60
85
192
Non-current liabilities excluding trade and other
payables and provisions
22,612
25,837
6,437
6,704
Current liabilities excluding trade and other payables and
provisions
2,307
2,044
105
102
\n
The reconciliation of summarised financial information presented to the carrying amount of our interest in joint
\n
ventures is set out below.
\n\n \n
Oak Holdings 1 GmbH
VodafoneZiggo Group Holding B.V.
2025
2024
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Equity shareholders\u2019 funds
11,887
12,630
660
1,033
Interest in joint ventures
1
5,943
7,620
330
516
Carrying value
5,943
7,620
330
516
(Loss)/profit for the financial year
(166)
(145)
(249)
(354)
273
Share of (loss)/profit
1
(74)
(85)
(125)
(177)
137
\n\n \n
Vodafone Idea Limited
TPG Telecom Limited
2025
2024
2023
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Equity shareholders\u2019
(deficit)/funds
(9,479)
(13,710)
2,175
2,606
Interest in joint ventures
1
(1,524)
(4,300)
(144)
(53)
Impairment
(234)
(240)
\u2013
\u2013
Goodwill
\u2013
\u2013
48
51
Investment proportion not
recognised
1,758
4,540
\u2013
\u2013
Carrying value
\u2013
\u2013
(96)
(2)
(Loss)/profit for the financial year
(2,784)
(3,218)
(3,188)
(227)
(134)
260
Share of (loss)/profit
1
(660)
(1,009)
(1,030)
(97)
(74)
48
Share of loss not recognised
660
1,009
1,030
\u2013
\u2013
\u2013
Share of (loss)/profit
1
\u2013
\u2013
\u2013
(97)
(74)
48
\n\n \n
INWIT S.p.A.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Equity
shareholders\u2019 funds
\u2013
\u2013
Interest in joint ventures
\u2013
\u2013
Carrying value
\u2013
\u2013
Profit for the financial year
\u2013
\u2013
190
Share of profit
\u2013
\u2013
63
Share of profit not recognised as
held for sale
\u2013
\u2013
(33)
Share of profit
\u2013
\u2013
30
\n
Note:
\n
1.
The Group\u2019s effective ownership percentages of Oak
Holdings 1 GmbH, VodafoneZiggo Group Holding B.V., Vodafone Idea Limited and
\n
TPG Telecom Limited are 50.0%, 50.0%, 24.4% and 25.1%, respectively, rounded to the nearest tenth of one percent.
\n\n
Associates
\n
Unless otherwise stated, the Group\u2019s principal associates all have share capital consisting solely of ordinary
\n
shares and are all indirectly held. The country of incorporation or registration is also their place of operation.
Country of
Percentage
Percentage
incorporation
shareholding
1
shareholding
1
Principal activity
or registration
2025
2024
Safaricom PLC
1
Network operator
Kenya
39.9
39.9
Indus Towers Limited
Network infrastructure
India
\u2013
21.0
\n
Notes:
\n
1. Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n
2. At 31 March 2025, the fair value of the Group\u2019s interest in Safaricom PLC was KES 293 billion (\u20ac2,096 million) (2024: KES 284 billion
\n
(\u20ac1,996 million)) based on the closing quoted share price on the Nairobi Stock Exchange.
\n
3. At 31 March 2025, the fair value of the Group\u2019s interest in Indus Towers Limited was nil (2024: INR 165 billion (\u20ac1,833 million)).
\n
Aggregated financial information
\n
The table below provides aggregated financial information for the Group\u2019s associates as it relates to the amounts
\n
recognised in the consolidated income statement and consolidated statement of financial position.
Investment in associates
Profit/(loss) for the financial year
2025
2024
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Safaricom PLC
1
500
627
201
159
195
Indus Towers Limited
\u2013
1,104
55
140
50
Other
50
98
(18)
(16)
(12)
Total
550
1,829
238
283
233
\n
Note:
\n
1. Other comprehensive income includes loss for the financial year, together with \u20ac103 million loss (2024: \u20ac76 million gain) in respect of
\n
the application of IAS 29 to Safaricom\u2019s operations in Ethiopia.
\n
Indus Towers Limited
\n
On 19 June 2024, the Group announced the sale of an 18.0% stake in Indus Towers Limited (\u2018Indus\u2019) through an
\n
accelerated book-building offering (\u2018placing\u2019). The placing raised INR 153.0 billion (\u20ac1,684 million) in gross
\n
proceeds. Following the placing, the Group de-recognised its remaining associate investment in Indus, which was
\n
classified as an Other Investment recorded at fair value through profit and loss. A net gain on disposal of \u20ac714
\n
million has been recorded within other income in the Consolidated income statement. In August 2024 and
\n
December 2024, the Group disposed of its remaining 3.0% stake in Indus for cash consideration of \u20ac329m.
\n
Dividends received from associates
\n
During the year ended 31 March 2025, the Group received dividends included in the consolidated statement of
\n
cash flows from Safaricom PLC of \u20ac136 million (2024: \u20ac122 million, 2023: \u20ac250 million) and from Indus Towers
\n
Limited of \u20acNil (2024: \u20acnil, 2023: \u20ac75 million).
\n
Summarised financial information
\n
Summarised financial information for each of the Group\u2019s material associates on a 100% ownership basis is set
\n
out in the following table, together with the reconciliation to the carrying amount of our interest in the associate.
Safaricom PLC
Indus Towers Limited
2025
2024
2023
2025
2
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
2,792
2,210
2,468
835
3,185
3,343
Operating expenses
(1,561)
(1,189)
(1,353)
(286)
(1,598)
(2,240)
Depreciation and amortisation
(489)
(523)
(432)
(167)
(637)
(588)
Other income
79
142
68
\u2013
\u2013
\u2013
Operating profit
821
640
751
382
950
515
Interest income
17
16
13
11
126
26
Interest expense
(167)
(121)
(69)
(48)
(218)
(200)
Profit before tax
671
535
695
345
858
341
Income tax expense
(340)
(266)
(285)
(82)
(192)
(102)
Profit for the financial year
331
269
410
263
666
239
and total comprehensive
income
Attributable to:
- Owners of the parent
503
399
489
263
666
239
- Non-controlling interests
(172)
(130)
(79)
\u2013
\u2013
\u2013
Statement of financial
position
Non-current assets
3,062
3,901
\u2013
6,082
Current assets
600
578
\u2013
1,230
Total assets
3,662
4,479
\u2013
7,312
Equity shareholders' funds
1,246
1,566
\u2013
4,086
Non-controlling interests
331
767
\u2013
\u2013
Non-current liabilities
975
968
\u2013
2,098
Current liabilities
1,110
1,178
\u2013
1,128
Cash and cash equivalents
within current assets
215
163
\u2013
7
Non-current liabilities
excluding trade and other
payables and provisions
791
784
\u2013
1,716
Current liabilities excluding
trade and other payables and
provisions
357
349
\u2013
583
Equity shareholders' funds
1,246
1,566
4,086
Interest in associates
1
498
625
860
Goodwill
2
2
244
Carrying value
500
627
1,104
Profit for the financial year
503
399
489
263
666
239
Share of profit
201
159
195
55
140
50
\n
Note:
\n
1. The Group\u2019s effective ownership percentage of Safaricom PLC is 39.9%, rounded to the nearest tenth of one percent.
\n2. Financial information for 2025 relates to the period to 19th June 2024.Associated undertakings and joint arrangements
% of share class held
Company name
by Group companies
Share class
Australia
Level 27, Tower Two, International Towers Sydney, 200 Barangaroo Avenue,
Barangaroo NSW 2000, Australia
3.6 GHz Spectrum Pty Ltd
25.05
Ordinary shares
AAPT Limited
25.05
Ordinary shares
ACN 088 889 230 Pty Ltd
25.05
Ordinary shares
ACN 139 798 404 Pty Ltd
25.05
Ordinary shares
Adam Internet Holdings Pty Ltd
25.05
Ordinary shares
Adam Internet Pty Ltd
25.05
A shares, B shares,
Ordinary shares
Agile Pty Ltd
25.05
Ordinary shares
AlchemyIT Pty Ltd
25.05
Ordinary shares
Chariot Pty Ltd
25.05
Ordinary shares
Chime Communications Pty Ltd
25.05
Ordinary shares
Connect West Pty Ltd
25.05
Ordinary shares
Destra Communications Pty Ltd
25.05
Ordinary shares
Digiplus Contracts Pty Ltd
25.05
Ordinary shares
Digiplus Holdings Pty Ltd
25.05
Ordinary shares
Digiplus Investments Pty Ltd
25.05
Ordinary shares
Digiplus Pty Ltd
25.05
Ordinary shares
H3GA Properties (No. 3) Pty Ltd
25.05
Ordinary shares
iiNet Labs Pty Ltd
25.05
Ordinary shares
iiNet Limited
25.05
Ordinary shares
Internode Pty Ltd
25.05
Ordinary shares,
Class B shares
IntraPower Pty Ltd
25.05
Ordinary shares
Intrapower Terrestrial Pty Ltd
25.05
Ordinary shares
IP Group Pty Ltd
25.05
Ordinary shares
IP Services Xchange Pty Ltd
25.05
A shares, B shares
Kooee Communications Pty Ltd
25.05
Ordinary shares
Kooee Mobile Pty Ltd
25.05
Ordinary shares
Mercury Connect Pty Ltd
25.05
Ordinary shares,
E class shares
Mobile JV Pty Limited
25.05
Ordinary shares
Mobileworld Communications Pty Limited
25.05
Ordinary shares
Mobileworld Operating Pty Ltd
25.05
Ordinary shares
Netspace Online Systems Pty Ltd
25.05
Ordinary shares
Numillar IPS Pty Ltd
25.05
Ordinary shares
\n\n\n \n
% of share class held
Company name
by Group companies
Share class
Australia (continued)
PIPE International (Australia) Pty Ltd
25.05
Ordinary shares
PIPE Networks Pty Limited
25.05
Ordinary shares
PIPE Transmission Pty Limited
25.05
Ordinary shares
PowerTel Limited
25.05
Ordinary shares
Request Broadband Pty Ltd
25.05
Ordinary shares
Soul Communications Pty Ltd
25.05
Ordinary shares
Soul Contracts Pty Ltd
25.05
Ordinary shares
Soul Pattinson Telecommunications Pty Ltd
25.05
Ordinary shares
SPT Telecommunications Pty Ltd
25.05
Ordinary shares
SPTCom Pty Ltd
25.05
Ordinary shares
Telecom Enterprises Australia Pty Limited
25.05
Ordinary shares
Telecom New Zealand Australia Pty Ltd
25.05
Ordinary shares,
Redeemable
preference shares
TPG Corporation Limited
25.05
Ordinary shares
TPG Energy Pty Ltd
25.05
Ordinary shares
TPG Finance Pty Ltd
25.05
Ordinary shares
TPG Holdings Pty Ltd
25.05
Ordinary shares
TPG Internet Pty Ltd
25.05
Ordinary shares
TPG JV Company Pty Ltd
25.05
Ordinary shares
TPG Network Pty Ltd
25.05
Ordinary shares
TPG Telecom Limited
25.05
Ordinary shares
TransACT Capital Communications Pty Ltd
25.05
Ordinary shares
TransACT Communications Pty Ltd
25.05
Ordinary shares
TransACT Victoria Communications Pty Ltd
25.05
Ordinary shares
TransACT Victoria Holdings Pty Ltd
25.05
Ordinary shares
Trusted Cloud Pty Ltd
25.05
Ordinary shares
Trusted Cloud Solutions Pty Ltd
25.05
Ordinary shares
Value Added Network Pty Ltd
25.05
Ordinary shares
Vision Network Pty Ltd
25.05
Ordinary shares
Vodafone Australia Pty Limited
25.05
Ordinary shares,
Class B shares,
Redeemable
preference shares
Vodafone Foundation Australia Pty Limited
25.05
Ordinary shares
Vodafone Hutchison Receivables Pty Limited
25.05
Ordinary shares
Vodafone Hutchison Spectrum Pty Limited
25.05
Ordinary shares
Vodafone Network Pty Limited
25.05
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
Vodafone Pty Limited
25.05
Ordinary shares
VtalkVoip Pty Ltd
25.05
Ordinary shares
Westnet Pty Ltd
25.05
Ordinary shares
Belgium
Space Court of Justic, Rue aux Laines 70, 1000 Brussels, Belgium
Utiq S.A
25.00
Ordinary shares
Bermuda
Clarendon House, 2 Church St, Hamilton, HM11, Bermuda
PPC 1 Limited
25.05
Ordinary shares
Czech Republic
Praha 4, Z\u00e1vi\u0161ova 502/5, 14000, Nusle, Czech Republic
Vantage Towers s.r.o.
4
44.66
Ordinary shares
U Rajsk\u00e9 zahrady 1912/3, Praha 3, 13000, Czech Republic
COOP Mobil s.r.o.
33.33
Ordinary shares
Egypt
23 Kasr El Nil St, Cairo, 11211, Egypt
Wataneya Telecommunications S.A.E
50.00
Ordinary shares
Ethiopia
Kirkos Sub City, Woreda 01, House No. New, Addis Ababa, Ethiopia
Safaricom M-PESA Mobile Financial Services Plc
5
18.07
Ordinary shares
Safaricom Telecommunications Ethiopia Private Limited Company
5
18.07
Ordinary shares
Germany
38 Berliner Allee, 40212, D\u00fcsseldorf, Germany
MNP Deutschland Gesellschaft b\u00fcrgerlichen Rechts
33.33
Partnership share
Ferdinand-Braun-Platz 1, 40549, D\u00fcsseldorf, Germany
OXG Glasfaser Beteiligungs GmbH
50.00
Ordinary shares
OXG Glasfaser GmbH
50.00
Ordinary shares
Nobelstrasse 55, 18059, Rostock, Germany
Verwaltung Urbana Teleunion Rostock GmbH
3
50.00
Ordinary shares
Prinzenallee 11-13, 40549, D\u00fcsseldorf, Germany
Oak Holdings 1 GmbH
50.00
Ordinary shares
Oak Holdings 2 GmbH
50.00
Ordinary shares
Oak Holdings GmbH
50.00
Ordinary shares
Oak Renewables GmbH
50.00
Ordinary shares
Vantage Towers AG
44.66
Ordinary shares
Vantage Towers Erste Verwaltungsgesellschaft GmbH
4
44.66
Ordinary shares
\n \n
% of share class held
Company name
by Group companies
Share class
Greece
2 Adrianeiou str, Athens, 11525, Greece
Vantage Towers Single Member Societe Anonyme
4
44.66
Ordinary shares
12 Rizareiou str, Halandri, 15233, Greece
Tilegnous IKE
33.29
Ordinary shares
43-45 Valtetsiou Str., Athens, Greece
Safenet N.P,A.
24.97
Issued shares
Marathonos Ave 18 kn & Pylou, Pallini, Attica, 15351 Greece
Victus Networks S.A.
49.94
Ordinary shares
Hungary
Boldizs\u00e1r utca 2, Budapest, 1112, Hungary
Vantage
Towers Z\u00e1rtk\u00f6r\u0171en
M\u0171k\u00f6d\u0151,
R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
4
44.66
Ordinary shares
India
10
th
Floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg,
Worli, Mumbai, Maharashtra, 400030, India
Vodafone Foundation
6
24.03
Ordinary shares
Vodafone Idea Next-Gen Solutions Limited
6
24.39
Ordinary shares
Vodafone Idea Shared Services Limited
6
24.39
Ordinary shares
Vodafone Idea Technology Solutions Limited
6
24.39
Ordinary shares
You Broadband India Limited
6
24.39
Equity shares
Suman Tower, Plot No. 18, Sector No. 11, Gandhinagar, 382011, Gujarat, India
Vodafone Idea Limited
24.39
Equity shares
Vodafone Idea Manpower Services Limited
6
24.10
Ordinary shares
Vodafone House, Corporate Road, Prahladnagar, Off S. G. Highway, Ahmedabad,
Gujarat, 380051, India
Vodafone Idea Business Services Limited
6
24.39
Ordinary shares
Vodafone Idea Communication Systems Limited
6
24.39
Ordinary shares
Vodafone Idea Telecom Infrastructure Limited
6
24.39
Ordinary shares
Ireland
Mountainview, Leopardstown, Dublin 18, Ireland
Vantage Towers Limited
4
44.66
Ordinary shares
The Herbert Building, The Park, Carrickmines, Dublin, Ireland
Siro DAC
50.00
Ordinary shares
Siro JV Holdco Limited
50.00
Ordinary B shares
Italy
Via Gaetana Negri 1, 20123, Milano, Italy
Infrastrutture Wireless Italiane S.p.A.
16.79
Ordinary shares
\n \n
% of share class held
Company name
by Group companies
Share class
Kenya
6
th
Floor, ABC Towers, ABC Place, Waiyaki Way, Nairobi, 00100, Kenya
M-PESA Holding Co. Limited
27.74
Ordinary equity
shares
LR No. 13263 Safaricom House, PO Box 66827, 00800, Nairobi, Kenya
Safaricom PLC
27.74
Ordinary shares
Safaricom House, Waiyaki Way Westlands, Nairobi, Kenya
M-PESA Africa Limited
5
46.42
Ordinary shares
Luxembourg
15 rue Edward Steichen, Luxembourg, 2540, Luxembourg
Tomorrow Street SCA
50.00
Ordinary B shares,
Ordinary C shares
Netherlands
Avenue Ceramique 300, 6221 Kx, Maastricht, Netherlands
Vodafone Antennelocaties B.V.
50.00
Ordinary shares
Vodafone Libertel B.V.
50.00
Ordinary shares
Boven Vredenburgpassage 128, 3511 WR, Utrecht, Netherlands
Amsterdamse Beheer-en Consultingmaatschappij B.V.
50.00
Ordinary shares
Esprit Telecom B.V.
50.00
Ordinary shares
Vodafone Financial Services B.V.
50.00
Ordinary shares
Vodafone Nederland Holding I B.V.
50.00
Ordinary shares
Vodafone Nederland Holding II B.V.
50.00
Ordinary shares
VodafoneZiggo Employment B.V.
50.00
Ordinary shares
VodafoneZiggo Group B.V.
50.00
Ordinary shares
VodafoneZiggo Group Holding B.V.
50.00
Ordinary shares
VZ Financing I B.V.
50.00
Ordinary shares
VZ Financing II B.V.
50.00
Ordinary shares
VZ FinCo B.V.
50.00
Ordinary shares
VZ PropCo B.V.
50.00
Ordinary shares
VZ Secured Financing B.V.
50.00
Ordinary shares
Ziggo B.V.
50.00
Ordinary shares
Ziggo Deelnemingen B.V.
50.00
Ordinary shares
Ziggo Netwerk II B.V.
50.00
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
Ziggo Real Estate B.V.
50.00
Ordinary shares
Ziggo Services B.V.
50.00
Ordinary shares
Ziggo Services Employment B.V.
50.00
Ordinary shares
Ziggo Services Netwerk 2 B.V.
50.00
Ordinary shares
Ziggo Zakelijk
Services B.V.
50.00
Ordinary shares
ZUM B.V.
50.00
Ordinary shares
Media Parkboulevard 2, 1217 WE Hilversum, Netherlands
Liberty Global Content Netherlands B.V.
50.00
Ordinary shares
Regus, 3 More London Riverside, London SE1 2RE
Global Partnership for Ethiopia B.V.
18.07
Ordinary shares
Rivium Quadrant 175, 2909 LC, Capelle aan den Ijssel, Netherlands
Central Tower Holding Company B.V.
4
44.66
Ordinary shares
Winschoterdiep 60, 9723 AB Groningen, Netherlands
Ziggo Bond Company B.V.
50.00
Ordinary shares
Ziggo Netwerk B.V.
50.00
Ordinary shares
Portugal
Av. D. Jo\u00e3o II, n\u00ba 36 - 8\u00ba Piso, 1998 - 017, Parque das Na\u00e7\u00f5es, Lisboa, Portugal
DABCO Portugal, Lda
80.20
Ordinary shares
Edif. Arquiparque VII, R Dr Ant\u00f3nio Loureiro Borges, 7, 3.\u00b0, 1495-131 Alg\u00e9s, Oeiras,
Portugal
Vantage Towers, S.A.
4
44.66
Ordinary shares
Rua Pedro e In\u00eas, Lote 2.08.01, 1990-075,
Parque das Na\u00e7\u0151es, Lisboa, Portugal
Sport TV Portugal, S.A.
25.00
Nominative shares
S\u00cdTIO Sete Rios - Pra\u00e7a Nuno Rodrigues dos Santos, 7, 1600-171 , Lisboa, Portugal
Dual Grid \u2013 Gest\u00e3o de Redes Partilhadas, S.A.
50.00
Ordinary shares
Romania
Calea Floreasca no. 169A, 3
rd
floor, District 1, Bucharest, Romania
Vantage Towers S.R.L.
4
44.66
Ordinary shares
Floor 3, Module 2, Connected buildings III, Nr. 10A, Dimitrie Pompei Boulevard,
Bucharest, Sector 2, Romania
Netgrid Telecom SRL
50.00
Ordinary shares
Russian Federation
Building 3, 11, Promyshlennaya Street, Moscow, 115 516, Russian Federation
Autoconnex Limited
35.00
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
South Africa
76 Maude Street, Sandton, Johannesberg, 2196, South Africa
Waterberg Lodge (Proprietary) Limited
5
32.55
Ordinary shares
Celtis Plaza North, 1085 Schoeman Street, Hatfield, Pretoria, 0028, South Africa
Afri G I S (Pty) Ltd
5
21.16
Ordinary shares
Rigel Office Park Block A, No 446 Rigel Avenue South, Erasmu, South Africa
Canard Spatial Technologies Proprietary Limited
5
21.16
Ordinary shares
Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa
M-Pesa S.A (Proprietary) Limited
5
46.42
Ordinary shares
Spain
Calle San Severo 22, 28042, Madrid, Spain
Vantage Towers, S.L.U.
4
44.66
Ordinary shares
Tanzania, United Republic of
Plot No. 23, Ursino Estate, Bagamoyo Road, Dar es Salaam, Tanzania, United
Republic of
Vodacom Trust Limited
5
(in liquidation)
48.82
Ordinary A shares,
Ordinary B shares
T\u00fcrkiye
\u00c7ifte Havuzlar Mah Eski Londra Asfalti Cad No: 151/1E/301, Esenler, Istanbul,
T\u00fcrkiye
FGS Bilgi Islem Urunler Sanayi ve Ticaret AS
50.00
Ordinary shares
Levazim Mahallesi Vadi Caddesi Zorlu Center No:2 Ic Kapi No: 347, Besiktas,
Istanbul, T\u00fcrkiye
Red Haven Veri Merkezi Anonim Sirketi
50.00
Ordinary A Shares,
Ordinary B Shares
United Kingdom
One Kingdom Street, London, W2 6BY, United Kingdom
DABCO Limited
8
80.00
Ordinary shares,
Series A - preference
shares
24/25 The Shard, 32 London Bridge Street, London, SE1 9SG, United Kingdom
Digital Mobile Spectrum Limited
25.00
Ordinary shares
Floor 5, 20 Fenchurch Street, London, EC3M 3BY, United Kingdom
VodaFamily Ethiopia Holding Company Limited
5
31.47
Ordinary shares
Griffin House, 161 Hammersmith Road, London, W6 8BS, United Kingdom
Cable & Wireless Trade Mark Management Limited
50.00
Ordinary A shares,
Ordinary B shares
Hive 2, 1530 Arlington Business Park, Theale, Reading, Berkshire, RG7 4SA, United
Kingdom
Cornerstone Telecommunications Infrastructure Limited
5
22.33
Ordinary shares
% of share class held
Company name
by Group companies
Share class
Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom
Vodafone Hutchison (Australia) Holdings Limited
50.00
Ordinary shares
United States
251 Little Falls Drive, Wilmington DE 19808, United States
PPC 1 (US) Inc.
25.05
Ordinary shares
Ziggo Financing Partnership
50.00
Partnership interest
\n
Notes:
\n
1.
Directly held by Vodafone Group Plc.
\n
2.
Branches.
\n
3.
Shareholding is indirect through Vodafone Deutschland GmbH.
\n
4.
Shareholding is indirect through Vantage Towers A.G.
\n
5.
Shareholding is indirect through Vodacom Group Limited. The indirect shareholding is calculated using the 65.10% ownership interest
\n
in Vodacom Group Limited.
\n
6.
Includes the indirect interest held through Vodafone Idea Limited.
\n
7.
Accenture Holdings B.V. holds 20% of the total voting rights in Vodafone Shared Operations Limited.
\n
8.
SC DABCO Management LLC has joint control rights over DABCo Limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00850": { "value": "12. Associates and joint arrangements
The Group holds interests in associates in Kenya, where we have significant influence, as well
\n
as in a number of joint arrangements, notably in the Netherlands, India, Australia and Oak
\n
Holdings 1 GmbH and its markets, where we share control with one or more third parties. See
\n
note 1 \u2018Basis of preparation\u2019 to the consolidated financial statements for further details.
\n
Accounting policies
\n
Interests in joint arrangements
\n
A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic
\n
activity that is subject to joint control; that is, when the relevant activities that significantly affect the investee\u2019s
\n
returns require the unanimous consent of the parties sharing control. Joint arrangements are either joint
\n
operations or joint ventures.
\n
Gains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint
\n
arrangement are recognised in respect of the Group\u2019s entire equity holding in the subsidiary.
\n
Joint operations
\n
A joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets,
\n
and obligations for the liabilities, relating to the arrangement or that other facts and circumstances indicate that
\n
this is the case. The Group\u2019s share of assets, liabilities, revenue, expenses and cash flows are combined with the
\n
equivalent items in the consolidated financial statements on a line-by-line basis.
\n
Any goodwill arising on the acquisition of the Group\u2019s interest in a joint operation is accounted for in accordance
\n
with the Group\u2019s accounting policy for goodwill arising on the acquisition of a subsidiary.
\n
Joint ventures
\n
A joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets
\n
of the arrangement.
\n
At the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the
\n
identifiable assets, liabilities and contingent liabilities of the joint venture is recognised as goodwill. The goodwill
\n
is included within the carrying amount of the investment.
\n
The results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held
\n
for sale (see note 7 \u2018Discontinued operations and assets held for sale\u2019), are incorporated in the consolidated
\n
financial statements using the equity method of accounting. Under the equity method, investments in joint
\n
ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition
\n
changes in the Group\u2019s share of the net assets of the joint venture, less any impairment in the value of the
\n
investment. The Group\u2019s share of post-tax profits or losses are recognised in the consolidated income statement.
\n
Losses of a joint venture in excess of the Group\u2019s interest in that joint venture are recognised only to the extent
\n
that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.
\n
Associates
\n
An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an
\n
interest in a joint arrangement.
\n
Significant influence is the power to participate in the financial and operating policy decisions of the investee but
\n
where the Group does not have control or joint control over those policies.
\n
At the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the
\n
identifiable assets, liabilities and contingent liabilities of the associate is recognised as goodwill. The goodwill is
\n
included within the carrying amount of the investment.
\n
The results and assets and liabilities of associates are incorporated in the consolidated financial statements using
\n
the same equity method of accounting used for joint ventures, described above.
\n
Joint ventures and associates
2025
2024
\u20acm
\u20acm
Investments in joint ventures
6,342
8,203
Investments in associates
550
1,829
31 March
6,892
10,032
Share of net liabilities in joint ventures
(96)
\u2013
31 March
(96)
\u2013
\n
Joint ventures
\n
The financial and operating activities of the Group\u2019s joint ventures are jointly controlled by the participating
\n
shareholders. The participating shareholders have rights to the net assets of the joint ventures through their
\n
equity shareholdings. Unless otherwise stated, the Group\u2019s principal joint ventures all have share capital
\n
consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all
\n
joint ventures is also their principal place of operation.
\n\n \n
Country of
Percentage
Percentage
incorporation or
shareholdings
1
shareholdings
1
Name of joint venture
Principal activity
registration
2025
2024
Oak Holdings 1 GmbH
Network infrastructure
Germany
50.0
60.3
VodafoneZiggo Group Holding B.V.
Network operator
Netherlands
50.0
50.0
OXG Glasfaser Beteiligungs GmbH
Fibre infrastructure
Germany
50.0
50.0
Vodafone Idea Limited
2
Network operator
India
24.4
31.4
TPG Telecom Limited
3
Network operator
Australia
25.1
25.1
\n
Notes:
\n
1.
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n
2.
At 31 March 2025 the
fair value of the Group\u2019s interest in Vodafone Idea Limited was INR 118
billion (\u20ac1,283
million) (2024: INR 208
\n
billion (\u20ac2,313
million)) based on the quoted share price on the National Stock Exchange of India. On 30 March 2025, Vodafone Idea
\n
announced that the Government of India had agreed to convert US$4.3 billion (\u20ac4.0 billion) of outstanding spectrum dues to equity
and
\n
the associated dues were reported within equity as at 31 March 2025. The Group\u2019s shareholding
in Vodafone Idea Limited was
\n
subsequently diluted to 16.1% in April 2025.
\n
3.
At 31 March 2025 the
fair value of the Group\u2019s interest in TPG Telecom Limited was AUD 2,236
million (\u20ac1,290
million) (2024: AUD
\n
2,101 million
(\u20ac1,269 million)) based on the quoted share price on ASX.
\n
Oak Holdings 1 GmbH
\n
On 22 July 2024, the Group announced the sale of a further 10.3% stake in Oak Holdings 1 GmbH, the
\n
partnership that co-controls
Vantage Towers, for \u20ac1,336 million, leaving the Group\u2019s retained interest at 50.0%.
\n
Oak Holdings 1 GmbH owns 89.3% of Vantage Towers.
\n
A net gain on disposal of \u20ac26 million has been recorded within Other income in the Consolidated income
\n
statement.
\n
OXG Glasfaser Beteiligungs GmbH
\n
In March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG
\n
Glasfaser Beteiligungs GmbH (\u2018OXG\u2019), with 50.0% shareholding held by each shareholder. Each shareholder is
\n
committed to contribute funding of up to
\u20ac950 million to OXG for the deployment of fibre-to-the-home
in
\n
Germany. During the year ended 31 March 2025, the Group provided \u20ac36 million (2024: \u20ac32
million) of capital
\n
contributions to OXG. The remaining funding commitment of \u20ac882
million is expected to be contributed
\n
between 2025 and 2029. The amount and timing of the funding depends on the speed and size of the fibre
\n
deployment. The contribution can be in the form of free capital reserves, shareholder loan, loan notes or similar
\n
instruments as agreed by the shareholders.
\n
Vodafone Idea Limited
\n
The Group\u2019s carrying value in Vodafone Idea Limited (\u2018VIL\u2019) reduced to \u20acnil at 30 September 2019. The Group\u2019s
\n
share of VIL\u2019s losses not recognised at 31 March 2025 is \u20ac1,758
million (2024: \u20ac4,528 million).
\n
During the year VIL has undertaken equity fund-raisings
totalling \u20ac2.5 billion and has undertaken a further
\n
conversion of debt due to the Government of India during April 2025, resulting
in the Group\u2019s interest in VIL
\n
reducing to 16.1%.
\n
TPG Telecom Limited
\n
TPG Telecom Limited is listed on the Australian
Securities Exchange (\u2018ASX\u2019). Vodafone and Hutchison
\n
Telecommunications (Australia) Limited each own an economic interest of 25.05%, with the remaining 49.9%
\n
listed as free float on the ASX. The financial information presented in the tables below includes debt held within
\n
the structure that holds the Group\u2019s interest in TPG,
for which the Group provides a guarantee over its share (see
\n
note 22 \u2018Capital and financial risk management\u2019).
\n
Dividends received from joint ventures
\n
During the year ended 31 March 2025, the Group received dividends included in the consolidated statement of
\n
cash flows from VodafoneZiggo Group Holding B.V. of \u20ac63 million (2024: \u20ac100 million, 2023: \u20ac165 million), TPG
\n
Telecom Limited of \u20ac24 million (2024: \u20ac23 million, 2023: \u20ac24 million) and Oak Holdings 1 GmbH of \u20ac307
\n
million (2024: \u20ac196 million, 2023: \u20acnil).
\n
Aggregated financial information
\n
The table below provides aggregated financial information for the Group\u2019s joint ventures as it relates to the
\n
amounts recognised in the consolidated income statement and consolidated statement of financial position.
\n\n \n
Investment in joint ventures
1
(Loss)/profit for the financial year
2
2025
2024
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Oak Holdings 1 GmbH
5,943
7,620
(74)
(85)
\u2013
VodafoneZiggo Group Holding B.V.
330
516
(125)
(177)
137
TPG Telecom Limited
(96)
(2)
(97)
(74)
48
INWIT S.p.A.
\u2013
\u2013
\u2013
\u2013
30
Other
69
69
(65)
(43)
(15)
Total
6,246
8,203
(361)
(379)
200
\n
Notes:
\n
1.
Includes share of net liabilities in joint ventures.
\n
2.
Total Other comprehensive (expense)/income is not materially different to (loss)/profit for the financial year.
\n
Summarised financial information
\n
Summarised financial information for the Group\u2019s material joint ventures on a 100% ownership basis is set out
\n
below.
\n\n \n
Oak Holdings 1 GmbH
VodafoneZiggo Group Holding B.V.
2025
2024
2023
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
1,249
1,166
\u2013
4,082
4,128
4,063
Operating expenses
(117)
(130)
\u2013
(2,190)
(2,195)
(2,124)
Depreciation and amortisation
(953)
(868)
\u2013
(1,600)
(1,555)
(1,527)
Other income/(expense)
(26)
5
\u2013
\u2013
\u2013
\u2013
Operating profit
153
173
\u2013
292
378
412
Interest income
7
5
\u2013
\u2013
\u2013
\u2013
Interest expense
(538)
(455)
\u2013
(652)
(809)
11
(Loss)/profit before tax
(378)
(277)
\u2013
(360)
(431)
423
Income tax credit/(expense)
212
132
\u2013
111
77
(150)
(Loss)/profit for the financial
year
1
(166)
(145)
\u2013
(249)
(354)
273
\n\n \n
Vodafone Idea Limited
TPG Telecom Limited
2025
2024
2023
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
4,797
4,749
5,046
3,359
3,371
3,027
Operating expenses
(3,005)
(3,066)
(3,280)
(2,320)
(2,238)
(1,870)
Depreciation and amortisation
(2,142)
(2,178)
(2,396)
(902)
(891)
(700)
Other income
\u2013
83
\u2013
\u2013
\u2013
\u2013
Operating (loss)/profit
(350)
(412)
(630)
137
242
457
Interest income
107
7
9
\u2013
\u2013
\u2013
Interest expense
(2,539)
(2,718)
(2,567)
(391)
(368)
(172)
(Loss)/profit before tax
(2,782)
(3,123)
(3,188)
(254)
(126)
285
Income tax (expense)/credit
(2)
(95)
\u2013
27
(8)
(25)
(Loss)/profit for the financial
year
1
(2,784)
(3,218)
(3,188)
(227)
(134)
260
\n\n \n
INWIT S.p.A.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Income statement
Revenue
\u2013
\u2013
853
Operating expenses
\u2013
\u2013
(73)
Depreciation and amortisation
\u2013
\u2013
(508)
Operating profit
\u2013
\u2013
272
Interest expense
\u2013
\u2013
(81)
Profit before tax
\u2013
\u2013
191
Income tax expense
\u2013
\u2013
(1)
Profit for the financial year
1
\u2013
\u2013
190
\n
Note:
\n
1.
Total Other comprehensive income/(expense) is not materially different to profit/(loss) for the financial year.
\n
As disclosed above, the Group\u2019s investment in VIL was reduced to \u20acnil in the year ended 31 March 2020 and the
\n
Group has not recorded any profit or loss in respect of its share of VIL\u2019s results since that date.
\n
Financial information is presented for TPG Telecom Limited (\u2018TPG\u2019) for the year to, and as at 31 December 2024
\n
on the basis that full-year information in relation to TPG has not been released at the date of approval of these
\n
consolidated financial statements and as such is market sensitive for TPG.
\n
Financial information presented for INWIT S.p.A. for the years to 31 March 2023 is based on the financial results
\n
and financial position as at 31 December 2022.
\n
Summarised financial information
\n
Summarised financial information for the Group\u2019s material joint ventures on a 100% ownership basis is set out
\n
below.
\n\n \n
Oak Holdings 1 GmbH
VodafoneZiggo Group
2025
2024
Holding B.V.
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
Statement of financial position
Non-current assets
24,149
24,015
15,012
15,753
Current assets
749
746
788
884
Total assets
24,898
24,761
15,800
16,637
Equity shareholders\u2019 funds
11,887
12,630
660
1,033
Non-current liabilities
10,167
9,386
12,773
13,145
Current liabilities
2,844
2,745
2,367
2,459
Cash and cash equivalents within current assets
240
267
144
61
Non-current liabilities excluding trade and other
payables and provisions
9,560
8,751
12,640
12,995
Current liabilities excluding trade and other payables and
provisions
502
502
1,094
1,171
\n\n \n
Vodafone Idea Limited
TPG Telecom Limited
2025
2024
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
Statement of financial position
Non-current assets
16,069
16,251
9,024
9,663
Current assets
2,817
1,654
734
900
Total assets
18,886
17,905
9,758
10,563
Equity shareholders\u2019 (deficit)/funds
(9,479)
(13,710)
2,175
2,606
Non-current liabilities
22,636
25,855
6,523
6,789
Current liabilities
5,729
5,760
1,060
1,168
Cash and cash equivalents within current assets
1,145
60
85
192
Non-current liabilities excluding trade and other
payables and provisions
22,612
25,837
6,437
6,704
Current liabilities excluding trade and other payables and
provisions
2,307
2,044
105
102
\n
The reconciliation of summarised financial information presented to the carrying amount of our interest in joint
\n
ventures is set out below.
\n\n \n
Oak Holdings 1 GmbH
VodafoneZiggo Group Holding B.V.
2025
2024
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Equity shareholders\u2019 funds
11,887
12,630
660
1,033
Interest in joint ventures
1
5,943
7,620
330
516
Carrying value
5,943
7,620
330
516
(Loss)/profit for the financial year
(166)
(145)
(249)
(354)
273
Share of (loss)/profit
1
(74)
(85)
(125)
(177)
137
\n\n \n
Vodafone Idea Limited
TPG Telecom Limited
2025
2024
2023
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Equity shareholders\u2019
(deficit)/funds
(9,479)
(13,710)
2,175
2,606
Interest in joint ventures
1
(1,524)
(4,300)
(144)
(53)
Impairment
(234)
(240)
\u2013
\u2013
Goodwill
\u2013
\u2013
48
51
Investment proportion not
recognised
1,758
4,540
\u2013
\u2013
Carrying value
\u2013
\u2013
(96)
(2)
(Loss)/profit for the financial year
(2,784)
(3,218)
(3,188)
(227)
(134)
260
Share of (loss)/profit
1
(660)
(1,009)
(1,030)
(97)
(74)
48
Share of loss not recognised
660
1,009
1,030
\u2013
\u2013
\u2013
Share of (loss)/profit
1
\u2013
\u2013
\u2013
(97)
(74)
48
\n\n \n
INWIT S.p.A.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Equity
shareholders\u2019 funds
\u2013
\u2013
Interest in joint ventures
\u2013
\u2013
Carrying value
\u2013
\u2013
Profit for the financial year
\u2013
\u2013
190
Share of profit
\u2013
\u2013
63
Share of profit not recognised as
held for sale
\u2013
\u2013
(33)
Share of profit
\u2013
\u2013
30
\n
Note:
\n
1.
The Group\u2019s effective ownership percentages of Oak
Holdings 1 GmbH, VodafoneZiggo Group Holding B.V., Vodafone Idea Limited and
\n
TPG Telecom Limited are 50.0%, 50.0%, 24.4% and 25.1%, respectively, rounded to the nearest tenth of one percent.
\n\n
Associates
\n
Unless otherwise stated, the Group\u2019s principal associates all have share capital consisting solely of ordinary
\n
shares and are all indirectly held. The country of incorporation or registration is also their place of operation.
Country of
Percentage
Percentage
incorporation
shareholding
1
shareholding
1
Principal activity
or registration
2025
2024
Safaricom PLC
1
Network operator
Kenya
39.9
39.9
Indus Towers Limited
Network infrastructure
India
\u2013
21.0
\n
Notes:
\n
1. Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n
2. At 31 March 2025, the fair value of the Group\u2019s interest in Safaricom PLC was KES 293 billion (\u20ac2,096 million) (2024: KES 284 billion
\n
(\u20ac1,996 million)) based on the closing quoted share price on the Nairobi Stock Exchange.
\n
3. At 31 March 2025, the fair value of the Group\u2019s interest in Indus Towers Limited was nil (2024: INR 165 billion (\u20ac1,833 million)).
\n
Aggregated financial information
\n
The table below provides aggregated financial information for the Group\u2019s associates as it relates to the amounts
\n
recognised in the consolidated income statement and consolidated statement of financial position.
Investment in associates
Profit/(loss) for the financial year
2025
2024
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Safaricom PLC
1
500
627
201
159
195
Indus Towers Limited
\u2013
1,104
55
140
50
Other
50
98
(18)
(16)
(12)
Total
550
1,829
238
283
233
\n
Note:
\n
1. Other comprehensive income includes loss for the financial year, together with \u20ac103 million loss (2024: \u20ac76 million gain) in respect of
\n
the application of IAS 29 to Safaricom\u2019s operations in Ethiopia.
\n
Indus Towers Limited
\n
On 19 June 2024, the Group announced the sale of an 18.0% stake in Indus Towers Limited (\u2018Indus\u2019) through an
\n
accelerated book-building offering (\u2018placing\u2019). The placing raised INR 153.0 billion (\u20ac1,684 million) in gross
\n
proceeds. Following the placing, the Group de-recognised its remaining associate investment in Indus, which was
\n
classified as an Other Investment recorded at fair value through profit and loss. A net gain on disposal of \u20ac714
\n
million has been recorded within other income in the Consolidated income statement. In August 2024 and
\n
December 2024, the Group disposed of its remaining 3.0% stake in Indus for cash consideration of \u20ac329m.
\n
Dividends received from associates
\n
During the year ended 31 March 2025, the Group received dividends included in the consolidated statement of
\n
cash flows from Safaricom PLC of \u20ac136 million (2024: \u20ac122 million, 2023: \u20ac250 million) and from Indus Towers
\n
Limited of \u20acNil (2024: \u20acnil, 2023: \u20ac75 million).
\n
Summarised financial information
\n
Summarised financial information for each of the Group\u2019s material associates on a 100% ownership basis is set
\n
out in the following table, together with the reconciliation to the carrying amount of our interest in the associate.
Safaricom PLC
Indus Towers Limited
2025
2024
2023
2025
2
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
2,792
2,210
2,468
835
3,185
3,343
Operating expenses
(1,561)
(1,189)
(1,353)
(286)
(1,598)
(2,240)
Depreciation and amortisation
(489)
(523)
(432)
(167)
(637)
(588)
Other income
79
142
68
\u2013
\u2013
\u2013
Operating profit
821
640
751
382
950
515
Interest income
17
16
13
11
126
26
Interest expense
(167)
(121)
(69)
(48)
(218)
(200)
Profit before tax
671
535
695
345
858
341
Income tax expense
(340)
(266)
(285)
(82)
(192)
(102)
Profit for the financial year
331
269
410
263
666
239
and total comprehensive
income
Attributable to:
- Owners of the parent
503
399
489
263
666
239
- Non-controlling interests
(172)
(130)
(79)
\u2013
\u2013
\u2013
Statement of financial
position
Non-current assets
3,062
3,901
\u2013
6,082
Current assets
600
578
\u2013
1,230
Total assets
3,662
4,479
\u2013
7,312
Equity shareholders' funds
1,246
1,566
\u2013
4,086
Non-controlling interests
331
767
\u2013
\u2013
Non-current liabilities
975
968
\u2013
2,098
Current liabilities
1,110
1,178
\u2013
1,128
Cash and cash equivalents
within current assets
215
163
\u2013
7
Non-current liabilities
excluding trade and other
payables and provisions
791
784
\u2013
1,716
Current liabilities excluding
trade and other payables and
provisions
357
349
\u2013
583
Equity shareholders' funds
1,246
1,566
4,086
Interest in associates
1
498
625
860
Goodwill
2
2
244
Carrying value
500
627
1,104
Profit for the financial year
503
399
489
263
666
239
Share of profit
201
159
195
55
140
50
\n
Note:
\n
1. The Group\u2019s effective ownership percentage of Safaricom PLC is 39.9%, rounded to the nearest tenth of one percent.
\n2. Financial information for 2025 relates to the period to 19th June 2024.Associated undertakings and joint arrangements
% of share class held
Company name
by Group companies
Share class
Australia
Level 27, Tower Two, International Towers Sydney, 200 Barangaroo Avenue,
Barangaroo NSW 2000, Australia
3.6 GHz Spectrum Pty Ltd
25.05
Ordinary shares
AAPT Limited
25.05
Ordinary shares
ACN 088 889 230 Pty Ltd
25.05
Ordinary shares
ACN 139 798 404 Pty Ltd
25.05
Ordinary shares
Adam Internet Holdings Pty Ltd
25.05
Ordinary shares
Adam Internet Pty Ltd
25.05
A shares, B shares,
Ordinary shares
Agile Pty Ltd
25.05
Ordinary shares
AlchemyIT Pty Ltd
25.05
Ordinary shares
Chariot Pty Ltd
25.05
Ordinary shares
Chime Communications Pty Ltd
25.05
Ordinary shares
Connect West Pty Ltd
25.05
Ordinary shares
Destra Communications Pty Ltd
25.05
Ordinary shares
Digiplus Contracts Pty Ltd
25.05
Ordinary shares
Digiplus Holdings Pty Ltd
25.05
Ordinary shares
Digiplus Investments Pty Ltd
25.05
Ordinary shares
Digiplus Pty Ltd
25.05
Ordinary shares
H3GA Properties (No. 3) Pty Ltd
25.05
Ordinary shares
iiNet Labs Pty Ltd
25.05
Ordinary shares
iiNet Limited
25.05
Ordinary shares
Internode Pty Ltd
25.05
Ordinary shares,
Class B shares
IntraPower Pty Ltd
25.05
Ordinary shares
Intrapower Terrestrial Pty Ltd
25.05
Ordinary shares
IP Group Pty Ltd
25.05
Ordinary shares
IP Services Xchange Pty Ltd
25.05
A shares, B shares
Kooee Communications Pty Ltd
25.05
Ordinary shares
Kooee Mobile Pty Ltd
25.05
Ordinary shares
Mercury Connect Pty Ltd
25.05
Ordinary shares,
E class shares
Mobile JV Pty Limited
25.05
Ordinary shares
Mobileworld Communications Pty Limited
25.05
Ordinary shares
Mobileworld Operating Pty Ltd
25.05
Ordinary shares
Netspace Online Systems Pty Ltd
25.05
Ordinary shares
Numillar IPS Pty Ltd
25.05
Ordinary shares
\n\n\n \n
% of share class held
Company name
by Group companies
Share class
Australia (continued)
PIPE International (Australia) Pty Ltd
25.05
Ordinary shares
PIPE Networks Pty Limited
25.05
Ordinary shares
PIPE Transmission Pty Limited
25.05
Ordinary shares
PowerTel Limited
25.05
Ordinary shares
Request Broadband Pty Ltd
25.05
Ordinary shares
Soul Communications Pty Ltd
25.05
Ordinary shares
Soul Contracts Pty Ltd
25.05
Ordinary shares
Soul Pattinson Telecommunications Pty Ltd
25.05
Ordinary shares
SPT Telecommunications Pty Ltd
25.05
Ordinary shares
SPTCom Pty Ltd
25.05
Ordinary shares
Telecom Enterprises Australia Pty Limited
25.05
Ordinary shares
Telecom New Zealand Australia Pty Ltd
25.05
Ordinary shares,
Redeemable
preference shares
TPG Corporation Limited
25.05
Ordinary shares
TPG Energy Pty Ltd
25.05
Ordinary shares
TPG Finance Pty Ltd
25.05
Ordinary shares
TPG Holdings Pty Ltd
25.05
Ordinary shares
TPG Internet Pty Ltd
25.05
Ordinary shares
TPG JV Company Pty Ltd
25.05
Ordinary shares
TPG Network Pty Ltd
25.05
Ordinary shares
TPG Telecom Limited
25.05
Ordinary shares
TransACT Capital Communications Pty Ltd
25.05
Ordinary shares
TransACT Communications Pty Ltd
25.05
Ordinary shares
TransACT Victoria Communications Pty Ltd
25.05
Ordinary shares
TransACT Victoria Holdings Pty Ltd
25.05
Ordinary shares
Trusted Cloud Pty Ltd
25.05
Ordinary shares
Trusted Cloud Solutions Pty Ltd
25.05
Ordinary shares
Value Added Network Pty Ltd
25.05
Ordinary shares
Vision Network Pty Ltd
25.05
Ordinary shares
Vodafone Australia Pty Limited
25.05
Ordinary shares,
Class B shares,
Redeemable
preference shares
Vodafone Foundation Australia Pty Limited
25.05
Ordinary shares
Vodafone Hutchison Receivables Pty Limited
25.05
Ordinary shares
Vodafone Hutchison Spectrum Pty Limited
25.05
Ordinary shares
Vodafone Network Pty Limited
25.05
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
Vodafone Pty Limited
25.05
Ordinary shares
VtalkVoip Pty Ltd
25.05
Ordinary shares
Westnet Pty Ltd
25.05
Ordinary shares
Belgium
Space Court of Justic, Rue aux Laines 70, 1000 Brussels, Belgium
Utiq S.A
25.00
Ordinary shares
Bermuda
Clarendon House, 2 Church St, Hamilton, HM11, Bermuda
PPC 1 Limited
25.05
Ordinary shares
Czech Republic
Praha 4, Z\u00e1vi\u0161ova 502/5, 14000, Nusle, Czech Republic
Vantage Towers s.r.o.
4
44.66
Ordinary shares
U Rajsk\u00e9 zahrady 1912/3, Praha 3, 13000, Czech Republic
COOP Mobil s.r.o.
33.33
Ordinary shares
Egypt
23 Kasr El Nil St, Cairo, 11211, Egypt
Wataneya Telecommunications S.A.E
50.00
Ordinary shares
Ethiopia
Kirkos Sub City, Woreda 01, House No. New, Addis Ababa, Ethiopia
Safaricom M-PESA Mobile Financial Services Plc
5
18.07
Ordinary shares
Safaricom Telecommunications Ethiopia Private Limited Company
5
18.07
Ordinary shares
Germany
38 Berliner Allee, 40212, D\u00fcsseldorf, Germany
MNP Deutschland Gesellschaft b\u00fcrgerlichen Rechts
33.33
Partnership share
Ferdinand-Braun-Platz 1, 40549, D\u00fcsseldorf, Germany
OXG Glasfaser Beteiligungs GmbH
50.00
Ordinary shares
OXG Glasfaser GmbH
50.00
Ordinary shares
Nobelstrasse 55, 18059, Rostock, Germany
Verwaltung Urbana Teleunion Rostock GmbH
3
50.00
Ordinary shares
Prinzenallee 11-13, 40549, D\u00fcsseldorf, Germany
Oak Holdings 1 GmbH
50.00
Ordinary shares
Oak Holdings 2 GmbH
50.00
Ordinary shares
Oak Holdings GmbH
50.00
Ordinary shares
Oak Renewables GmbH
50.00
Ordinary shares
Vantage Towers AG
44.66
Ordinary shares
Vantage Towers Erste Verwaltungsgesellschaft GmbH
4
44.66
Ordinary shares
\n \n
% of share class held
Company name
by Group companies
Share class
Greece
2 Adrianeiou str, Athens, 11525, Greece
Vantage Towers Single Member Societe Anonyme
4
44.66
Ordinary shares
12 Rizareiou str, Halandri, 15233, Greece
Tilegnous IKE
33.29
Ordinary shares
43-45 Valtetsiou Str., Athens, Greece
Safenet N.P,A.
24.97
Issued shares
Marathonos Ave 18 kn & Pylou, Pallini, Attica, 15351 Greece
Victus Networks S.A.
49.94
Ordinary shares
Hungary
Boldizs\u00e1r utca 2, Budapest, 1112, Hungary
Vantage
Towers Z\u00e1rtk\u00f6r\u0171en
M\u0171k\u00f6d\u0151,
R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
4
44.66
Ordinary shares
India
10
th
Floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg,
Worli, Mumbai, Maharashtra, 400030, India
Vodafone Foundation
6
24.03
Ordinary shares
Vodafone Idea Next-Gen Solutions Limited
6
24.39
Ordinary shares
Vodafone Idea Shared Services Limited
6
24.39
Ordinary shares
Vodafone Idea Technology Solutions Limited
6
24.39
Ordinary shares
You Broadband India Limited
6
24.39
Equity shares
Suman Tower, Plot No. 18, Sector No. 11, Gandhinagar, 382011, Gujarat, India
Vodafone Idea Limited
24.39
Equity shares
Vodafone Idea Manpower Services Limited
6
24.10
Ordinary shares
Vodafone House, Corporate Road, Prahladnagar, Off S. G. Highway, Ahmedabad,
Gujarat, 380051, India
Vodafone Idea Business Services Limited
6
24.39
Ordinary shares
Vodafone Idea Communication Systems Limited
6
24.39
Ordinary shares
Vodafone Idea Telecom Infrastructure Limited
6
24.39
Ordinary shares
Ireland
Mountainview, Leopardstown, Dublin 18, Ireland
Vantage Towers Limited
4
44.66
Ordinary shares
The Herbert Building, The Park, Carrickmines, Dublin, Ireland
Siro DAC
50.00
Ordinary shares
Siro JV Holdco Limited
50.00
Ordinary B shares
Italy
Via Gaetana Negri 1, 20123, Milano, Italy
Infrastrutture Wireless Italiane S.p.A.
16.79
Ordinary shares
\n \n
% of share class held
Company name
by Group companies
Share class
Kenya
6
th
Floor, ABC Towers, ABC Place, Waiyaki Way, Nairobi, 00100, Kenya
M-PESA Holding Co. Limited
27.74
Ordinary equity
shares
LR No. 13263 Safaricom House, PO Box 66827, 00800, Nairobi, Kenya
Safaricom PLC
27.74
Ordinary shares
Safaricom House, Waiyaki Way Westlands, Nairobi, Kenya
M-PESA Africa Limited
5
46.42
Ordinary shares
Luxembourg
15 rue Edward Steichen, Luxembourg, 2540, Luxembourg
Tomorrow Street SCA
50.00
Ordinary B shares,
Ordinary C shares
Netherlands
Avenue Ceramique 300, 6221 Kx, Maastricht, Netherlands
Vodafone Antennelocaties B.V.
50.00
Ordinary shares
Vodafone Libertel B.V.
50.00
Ordinary shares
Boven Vredenburgpassage 128, 3511 WR, Utrecht, Netherlands
Amsterdamse Beheer-en Consultingmaatschappij B.V.
50.00
Ordinary shares
Esprit Telecom B.V.
50.00
Ordinary shares
Vodafone Financial Services B.V.
50.00
Ordinary shares
Vodafone Nederland Holding I B.V.
50.00
Ordinary shares
Vodafone Nederland Holding II B.V.
50.00
Ordinary shares
VodafoneZiggo Employment B.V.
50.00
Ordinary shares
VodafoneZiggo Group B.V.
50.00
Ordinary shares
VodafoneZiggo Group Holding B.V.
50.00
Ordinary shares
VZ Financing I B.V.
50.00
Ordinary shares
VZ Financing II B.V.
50.00
Ordinary shares
VZ FinCo B.V.
50.00
Ordinary shares
VZ PropCo B.V.
50.00
Ordinary shares
VZ Secured Financing B.V.
50.00
Ordinary shares
Ziggo B.V.
50.00
Ordinary shares
Ziggo Deelnemingen B.V.
50.00
Ordinary shares
Ziggo Netwerk II B.V.
50.00
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
Ziggo Real Estate B.V.
50.00
Ordinary shares
Ziggo Services B.V.
50.00
Ordinary shares
Ziggo Services Employment B.V.
50.00
Ordinary shares
Ziggo Services Netwerk 2 B.V.
50.00
Ordinary shares
Ziggo Zakelijk
Services B.V.
50.00
Ordinary shares
ZUM B.V.
50.00
Ordinary shares
Media Parkboulevard 2, 1217 WE Hilversum, Netherlands
Liberty Global Content Netherlands B.V.
50.00
Ordinary shares
Regus, 3 More London Riverside, London SE1 2RE
Global Partnership for Ethiopia B.V.
18.07
Ordinary shares
Rivium Quadrant 175, 2909 LC, Capelle aan den Ijssel, Netherlands
Central Tower Holding Company B.V.
4
44.66
Ordinary shares
Winschoterdiep 60, 9723 AB Groningen, Netherlands
Ziggo Bond Company B.V.
50.00
Ordinary shares
Ziggo Netwerk B.V.
50.00
Ordinary shares
Portugal
Av. D. Jo\u00e3o II, n\u00ba 36 - 8\u00ba Piso, 1998 - 017, Parque das Na\u00e7\u00f5es, Lisboa, Portugal
DABCO Portugal, Lda
80.20
Ordinary shares
Edif. Arquiparque VII, R Dr Ant\u00f3nio Loureiro Borges, 7, 3.\u00b0, 1495-131 Alg\u00e9s, Oeiras,
Portugal
Vantage Towers, S.A.
4
44.66
Ordinary shares
Rua Pedro e In\u00eas, Lote 2.08.01, 1990-075,
Parque das Na\u00e7\u0151es, Lisboa, Portugal
Sport TV Portugal, S.A.
25.00
Nominative shares
S\u00cdTIO Sete Rios - Pra\u00e7a Nuno Rodrigues dos Santos, 7, 1600-171 , Lisboa, Portugal
Dual Grid \u2013 Gest\u00e3o de Redes Partilhadas, S.A.
50.00
Ordinary shares
Romania
Calea Floreasca no. 169A, 3
rd
floor, District 1, Bucharest, Romania
Vantage Towers S.R.L.
4
44.66
Ordinary shares
Floor 3, Module 2, Connected buildings III, Nr. 10A, Dimitrie Pompei Boulevard,
Bucharest, Sector 2, Romania
Netgrid Telecom SRL
50.00
Ordinary shares
Russian Federation
Building 3, 11, Promyshlennaya Street, Moscow, 115 516, Russian Federation
Autoconnex Limited
35.00
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
South Africa
76 Maude Street, Sandton, Johannesberg, 2196, South Africa
Waterberg Lodge (Proprietary) Limited
5
32.55
Ordinary shares
Celtis Plaza North, 1085 Schoeman Street, Hatfield, Pretoria, 0028, South Africa
Afri G I S (Pty) Ltd
5
21.16
Ordinary shares
Rigel Office Park Block A, No 446 Rigel Avenue South, Erasmu, South Africa
Canard Spatial Technologies Proprietary Limited
5
21.16
Ordinary shares
Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa
M-Pesa S.A (Proprietary) Limited
5
46.42
Ordinary shares
Spain
Calle San Severo 22, 28042, Madrid, Spain
Vantage Towers, S.L.U.
4
44.66
Ordinary shares
Tanzania, United Republic of
Plot No. 23, Ursino Estate, Bagamoyo Road, Dar es Salaam, Tanzania, United
Republic of
Vodacom Trust Limited
5
(in liquidation)
48.82
Ordinary A shares,
Ordinary B shares
T\u00fcrkiye
\u00c7ifte Havuzlar Mah Eski Londra Asfalti Cad No: 151/1E/301, Esenler, Istanbul,
T\u00fcrkiye
FGS Bilgi Islem Urunler Sanayi ve Ticaret AS
50.00
Ordinary shares
Levazim Mahallesi Vadi Caddesi Zorlu Center No:2 Ic Kapi No: 347, Besiktas,
Istanbul, T\u00fcrkiye
Red Haven Veri Merkezi Anonim Sirketi
50.00
Ordinary A Shares,
Ordinary B Shares
United Kingdom
One Kingdom Street, London, W2 6BY, United Kingdom
DABCO Limited
8
80.00
Ordinary shares,
Series A - preference
shares
24/25 The Shard, 32 London Bridge Street, London, SE1 9SG, United Kingdom
Digital Mobile Spectrum Limited
25.00
Ordinary shares
Floor 5, 20 Fenchurch Street, London, EC3M 3BY, United Kingdom
VodaFamily Ethiopia Holding Company Limited
5
31.47
Ordinary shares
Griffin House, 161 Hammersmith Road, London, W6 8BS, United Kingdom
Cable & Wireless Trade Mark Management Limited
50.00
Ordinary A shares,
Ordinary B shares
Hive 2, 1530 Arlington Business Park, Theale, Reading, Berkshire, RG7 4SA, United
Kingdom
Cornerstone Telecommunications Infrastructure Limited
5
22.33
Ordinary shares
% of share class held
Company name
by Group companies
Share class
Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom
Vodafone Hutchison (Australia) Holdings Limited
50.00
Ordinary shares
United States
251 Little Falls Drive, Wilmington DE 19808, United States
PPC 1 (US) Inc.
25.05
Ordinary shares
Ziggo Financing Partnership
50.00
Partnership interest
\n
Notes:
\n
1.
Directly held by Vodafone Group Plc.
\n
2.
Branches.
\n
3.
Shareholding is indirect through Vodafone Deutschland GmbH.
\n
4.
Shareholding is indirect through Vantage Towers A.G.
\n
5.
Shareholding is indirect through Vodacom Group Limited. The indirect shareholding is calculated using the 65.10% ownership interest
\n
in Vodacom Group Limited.
\n
6.
Includes the indirect interest held through Vodafone Idea Limited.
\n
7.
Accenture Holdings B.V. holds 20% of the total voting rights in Vodafone Shared Operations Limited.
\n
8.
SC DABCO Management LLC has joint control rights over DABCo Limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00851": { "value": "12. Associates and joint arrangements
The Group holds interests in associates in Kenya, where we have significant influence, as well
\n
as in a number of joint arrangements, notably in the Netherlands, India, Australia and Oak
\n
Holdings 1 GmbH and its markets, where we share control with one or more third parties. See
\n
note 1 \u2018Basis of preparation\u2019 to the consolidated financial statements for further details.
\n
Accounting policies
\n
Interests in joint arrangements
\n
A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic
\n
activity that is subject to joint control; that is, when the relevant activities that significantly affect the investee\u2019s
\n
returns require the unanimous consent of the parties sharing control. Joint arrangements are either joint
\n
operations or joint ventures.
\n
Gains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint
\n
arrangement are recognised in respect of the Group\u2019s entire equity holding in the subsidiary.
\n
Joint operations
\n
A joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets,
\n
and obligations for the liabilities, relating to the arrangement or that other facts and circumstances indicate that
\n
this is the case. The Group\u2019s share of assets, liabilities, revenue, expenses and cash flows are combined with the
\n
equivalent items in the consolidated financial statements on a line-by-line basis.
\n
Any goodwill arising on the acquisition of the Group\u2019s interest in a joint operation is accounted for in accordance
\n
with the Group\u2019s accounting policy for goodwill arising on the acquisition of a subsidiary.
\n
Joint ventures
\n
A joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets
\n
of the arrangement.
\n
At the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the
\n
identifiable assets, liabilities and contingent liabilities of the joint venture is recognised as goodwill. The goodwill
\n
is included within the carrying amount of the investment.
\n
The results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held
\n
for sale (see note 7 \u2018Discontinued operations and assets held for sale\u2019), are incorporated in the consolidated
\n
financial statements using the equity method of accounting. Under the equity method, investments in joint
\n
ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition
\n
changes in the Group\u2019s share of the net assets of the joint venture, less any impairment in the value of the
\n
investment. The Group\u2019s share of post-tax profits or losses are recognised in the consolidated income statement.
\n
Losses of a joint venture in excess of the Group\u2019s interest in that joint venture are recognised only to the extent
\n
that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.
\n
Associates
\n
An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an
\n
interest in a joint arrangement.
\n
Significant influence is the power to participate in the financial and operating policy decisions of the investee but
\n
where the Group does not have control or joint control over those policies.
\n
At the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the
\n
identifiable assets, liabilities and contingent liabilities of the associate is recognised as goodwill. The goodwill is
\n
included within the carrying amount of the investment.
\n
The results and assets and liabilities of associates are incorporated in the consolidated financial statements using
\n
the same equity method of accounting used for joint ventures, described above.
\n
Joint ventures and associates
2025
2024
\u20acm
\u20acm
Investments in joint ventures
6,342
8,203
Investments in associates
550
1,829
31 March
6,892
10,032
Share of net liabilities in joint ventures
(96)
\u2013
31 March
(96)
\u2013
\n
Joint ventures
\n
The financial and operating activities of the Group\u2019s joint ventures are jointly controlled by the participating
\n
shareholders. The participating shareholders have rights to the net assets of the joint ventures through their
\n
equity shareholdings. Unless otherwise stated, the Group\u2019s principal joint ventures all have share capital
\n
consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all
\n
joint ventures is also their principal place of operation.
\n\n \n
Country of
Percentage
Percentage
incorporation or
shareholdings
1
shareholdings
1
Name of joint venture
Principal activity
registration
2025
2024
Oak Holdings 1 GmbH
Network infrastructure
Germany
50.0
60.3
VodafoneZiggo Group Holding B.V.
Network operator
Netherlands
50.0
50.0
OXG Glasfaser Beteiligungs GmbH
Fibre infrastructure
Germany
50.0
50.0
Vodafone Idea Limited
2
Network operator
India
24.4
31.4
TPG Telecom Limited
3
Network operator
Australia
25.1
25.1
\n
Notes:
\n
1.
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n
2.
At 31 March 2025 the
fair value of the Group\u2019s interest in Vodafone Idea Limited was INR 118
billion (\u20ac1,283
million) (2024: INR 208
\n
billion (\u20ac2,313
million)) based on the quoted share price on the National Stock Exchange of India. On 30 March 2025, Vodafone Idea
\n
announced that the Government of India had agreed to convert US$4.3 billion (\u20ac4.0 billion) of outstanding spectrum dues to equity
and
\n
the associated dues were reported within equity as at 31 March 2025. The Group\u2019s shareholding
in Vodafone Idea Limited was
\n
subsequently diluted to 16.1% in April 2025.
\n
3.
At 31 March 2025 the
fair value of the Group\u2019s interest in TPG Telecom Limited was AUD 2,236
million (\u20ac1,290
million) (2024: AUD
\n
2,101 million
(\u20ac1,269 million)) based on the quoted share price on ASX.
\n
Oak Holdings 1 GmbH
\n
On 22 July 2024, the Group announced the sale of a further 10.3% stake in Oak Holdings 1 GmbH, the
\n
partnership that co-controls
Vantage Towers, for \u20ac1,336 million, leaving the Group\u2019s retained interest at 50.0%.
\n
Oak Holdings 1 GmbH owns 89.3% of Vantage Towers.
\n
A net gain on disposal of \u20ac26 million has been recorded within Other income in the Consolidated income
\n
statement.
\n
OXG Glasfaser Beteiligungs GmbH
\n
In March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG
\n
Glasfaser Beteiligungs GmbH (\u2018OXG\u2019), with 50.0% shareholding held by each shareholder. Each shareholder is
\n
committed to contribute funding of up to
\u20ac950 million to OXG for the deployment of fibre-to-the-home
in
\n
Germany. During the year ended 31 March 2025, the Group provided \u20ac36 million (2024: \u20ac32
million) of capital
\n
contributions to OXG. The remaining funding commitment of \u20ac882
million is expected to be contributed
\n
between 2025 and 2029. The amount and timing of the funding depends on the speed and size of the fibre
\n
deployment. The contribution can be in the form of free capital reserves, shareholder loan, loan notes or similar
\n
instruments as agreed by the shareholders.
\n
Vodafone Idea Limited
\n
The Group\u2019s carrying value in Vodafone Idea Limited (\u2018VIL\u2019) reduced to \u20acnil at 30 September 2019. The Group\u2019s
\n
share of VIL\u2019s losses not recognised at 31 March 2025 is \u20ac1,758
million (2024: \u20ac4,528 million).
\n
During the year VIL has undertaken equity fund-raisings
totalling \u20ac2.5 billion and has undertaken a further
\n
conversion of debt due to the Government of India during April 2025, resulting
in the Group\u2019s interest in VIL
\n
reducing to 16.1%.
\n
TPG Telecom Limited
\n
TPG Telecom Limited is listed on the Australian
Securities Exchange (\u2018ASX\u2019). Vodafone and Hutchison
\n
Telecommunications (Australia) Limited each own an economic interest of 25.05%, with the remaining 49.9%
\n
listed as free float on the ASX. The financial information presented in the tables below includes debt held within
\n
the structure that holds the Group\u2019s interest in TPG,
for which the Group provides a guarantee over its share (see
\n
note 22 \u2018Capital and financial risk management\u2019).
\n
Dividends received from joint ventures
\n
During the year ended 31 March 2025, the Group received dividends included in the consolidated statement of
\n
cash flows from VodafoneZiggo Group Holding B.V. of \u20ac63 million (2024: \u20ac100 million, 2023: \u20ac165 million), TPG
\n
Telecom Limited of \u20ac24 million (2024: \u20ac23 million, 2023: \u20ac24 million) and Oak Holdings 1 GmbH of \u20ac307
\n
million (2024: \u20ac196 million, 2023: \u20acnil).
\n
Aggregated financial information
\n
The table below provides aggregated financial information for the Group\u2019s joint ventures as it relates to the
\n
amounts recognised in the consolidated income statement and consolidated statement of financial position.
\n\n \n
Investment in joint ventures
1
(Loss)/profit for the financial year
2
2025
2024
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Oak Holdings 1 GmbH
5,943
7,620
(74)
(85)
\u2013
VodafoneZiggo Group Holding B.V.
330
516
(125)
(177)
137
TPG Telecom Limited
(96)
(2)
(97)
(74)
48
INWIT S.p.A.
\u2013
\u2013
\u2013
\u2013
30
Other
69
69
(65)
(43)
(15)
Total
6,246
8,203
(361)
(379)
200
\n
Notes:
\n
1.
Includes share of net liabilities in joint ventures.
\n
2.
Total Other comprehensive (expense)/income is not materially different to (loss)/profit for the financial year.
\n
Summarised financial information
\n
Summarised financial information for the Group\u2019s material joint ventures on a 100% ownership basis is set out
\n
below.
\n\n \n
Oak Holdings 1 GmbH
VodafoneZiggo Group Holding B.V.
2025
2024
2023
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
1,249
1,166
\u2013
4,082
4,128
4,063
Operating expenses
(117)
(130)
\u2013
(2,190)
(2,195)
(2,124)
Depreciation and amortisation
(953)
(868)
\u2013
(1,600)
(1,555)
(1,527)
Other income/(expense)
(26)
5
\u2013
\u2013
\u2013
\u2013
Operating profit
153
173
\u2013
292
378
412
Interest income
7
5
\u2013
\u2013
\u2013
\u2013
Interest expense
(538)
(455)
\u2013
(652)
(809)
11
(Loss)/profit before tax
(378)
(277)
\u2013
(360)
(431)
423
Income tax credit/(expense)
212
132
\u2013
111
77
(150)
(Loss)/profit for the financial
year
1
(166)
(145)
\u2013
(249)
(354)
273
\n\n \n
Vodafone Idea Limited
TPG Telecom Limited
2025
2024
2023
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
4,797
4,749
5,046
3,359
3,371
3,027
Operating expenses
(3,005)
(3,066)
(3,280)
(2,320)
(2,238)
(1,870)
Depreciation and amortisation
(2,142)
(2,178)
(2,396)
(902)
(891)
(700)
Other income
\u2013
83
\u2013
\u2013
\u2013
\u2013
Operating (loss)/profit
(350)
(412)
(630)
137
242
457
Interest income
107
7
9
\u2013
\u2013
\u2013
Interest expense
(2,539)
(2,718)
(2,567)
(391)
(368)
(172)
(Loss)/profit before tax
(2,782)
(3,123)
(3,188)
(254)
(126)
285
Income tax (expense)/credit
(2)
(95)
\u2013
27
(8)
(25)
(Loss)/profit for the financial
year
1
(2,784)
(3,218)
(3,188)
(227)
(134)
260
\n\n \n
INWIT S.p.A.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Income statement
Revenue
\u2013
\u2013
853
Operating expenses
\u2013
\u2013
(73)
Depreciation and amortisation
\u2013
\u2013
(508)
Operating profit
\u2013
\u2013
272
Interest expense
\u2013
\u2013
(81)
Profit before tax
\u2013
\u2013
191
Income tax expense
\u2013
\u2013
(1)
Profit for the financial year
1
\u2013
\u2013
190
\n
Note:
\n
1.
Total Other comprehensive income/(expense) is not materially different to profit/(loss) for the financial year.
\n
As disclosed above, the Group\u2019s investment in VIL was reduced to \u20acnil in the year ended 31 March 2020 and the
\n
Group has not recorded any profit or loss in respect of its share of VIL\u2019s results since that date.
\n
Financial information is presented for TPG Telecom Limited (\u2018TPG\u2019) for the year to, and as at 31 December 2024
\n
on the basis that full-year information in relation to TPG has not been released at the date of approval of these
\n
consolidated financial statements and as such is market sensitive for TPG.
\n
Financial information presented for INWIT S.p.A. for the years to 31 March 2023 is based on the financial results
\n
and financial position as at 31 December 2022.
\n
Summarised financial information
\n
Summarised financial information for the Group\u2019s material joint ventures on a 100% ownership basis is set out
\n
below.
\n\n \n
Oak Holdings 1 GmbH
VodafoneZiggo Group
2025
2024
Holding B.V.
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
Statement of financial position
Non-current assets
24,149
24,015
15,012
15,753
Current assets
749
746
788
884
Total assets
24,898
24,761
15,800
16,637
Equity shareholders\u2019 funds
11,887
12,630
660
1,033
Non-current liabilities
10,167
9,386
12,773
13,145
Current liabilities
2,844
2,745
2,367
2,459
Cash and cash equivalents within current assets
240
267
144
61
Non-current liabilities excluding trade and other
payables and provisions
9,560
8,751
12,640
12,995
Current liabilities excluding trade and other payables and
provisions
502
502
1,094
1,171
\n\n \n
Vodafone Idea Limited
TPG Telecom Limited
2025
2024
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
Statement of financial position
Non-current assets
16,069
16,251
9,024
9,663
Current assets
2,817
1,654
734
900
Total assets
18,886
17,905
9,758
10,563
Equity shareholders\u2019 (deficit)/funds
(9,479)
(13,710)
2,175
2,606
Non-current liabilities
22,636
25,855
6,523
6,789
Current liabilities
5,729
5,760
1,060
1,168
Cash and cash equivalents within current assets
1,145
60
85
192
Non-current liabilities excluding trade and other
payables and provisions
22,612
25,837
6,437
6,704
Current liabilities excluding trade and other payables and
provisions
2,307
2,044
105
102
\n
The reconciliation of summarised financial information presented to the carrying amount of our interest in joint
\n
ventures is set out below.
\n\n \n
Oak Holdings 1 GmbH
VodafoneZiggo Group Holding B.V.
2025
2024
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Equity shareholders\u2019 funds
11,887
12,630
660
1,033
Interest in joint ventures
1
5,943
7,620
330
516
Carrying value
5,943
7,620
330
516
(Loss)/profit for the financial year
(166)
(145)
(249)
(354)
273
Share of (loss)/profit
1
(74)
(85)
(125)
(177)
137
\n\n \n
Vodafone Idea Limited
TPG Telecom Limited
2025
2024
2023
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Equity shareholders\u2019
(deficit)/funds
(9,479)
(13,710)
2,175
2,606
Interest in joint ventures
1
(1,524)
(4,300)
(144)
(53)
Impairment
(234)
(240)
\u2013
\u2013
Goodwill
\u2013
\u2013
48
51
Investment proportion not
recognised
1,758
4,540
\u2013
\u2013
Carrying value
\u2013
\u2013
(96)
(2)
(Loss)/profit for the financial year
(2,784)
(3,218)
(3,188)
(227)
(134)
260
Share of (loss)/profit
1
(660)
(1,009)
(1,030)
(97)
(74)
48
Share of loss not recognised
660
1,009
1,030
\u2013
\u2013
\u2013
Share of (loss)/profit
1
\u2013
\u2013
\u2013
(97)
(74)
48
\n\n \n
INWIT S.p.A.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Equity
shareholders\u2019 funds
\u2013
\u2013
Interest in joint ventures
\u2013
\u2013
Carrying value
\u2013
\u2013
Profit for the financial year
\u2013
\u2013
190
Share of profit
\u2013
\u2013
63
Share of profit not recognised as
held for sale
\u2013
\u2013
(33)
Share of profit
\u2013
\u2013
30
\n
Note:
\n
1.
The Group\u2019s effective ownership percentages of Oak
Holdings 1 GmbH, VodafoneZiggo Group Holding B.V., Vodafone Idea Limited and
\n
TPG Telecom Limited are 50.0%, 50.0%, 24.4% and 25.1%, respectively, rounded to the nearest tenth of one percent.
\n\n
Associates
\n
Unless otherwise stated, the Group\u2019s principal associates all have share capital consisting solely of ordinary
\n
shares and are all indirectly held. The country of incorporation or registration is also their place of operation.
Country of
Percentage
Percentage
incorporation
shareholding
1
shareholding
1
Principal activity
or registration
2025
2024
Safaricom PLC
1
Network operator
Kenya
39.9
39.9
Indus Towers Limited
Network infrastructure
India
\u2013
21.0
\n
Notes:
\n
1. Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n
2. At 31 March 2025, the fair value of the Group\u2019s interest in Safaricom PLC was KES 293 billion (\u20ac2,096 million) (2024: KES 284 billion
\n
(\u20ac1,996 million)) based on the closing quoted share price on the Nairobi Stock Exchange.
\n
3. At 31 March 2025, the fair value of the Group\u2019s interest in Indus Towers Limited was nil (2024: INR 165 billion (\u20ac1,833 million)).
\n
Aggregated financial information
\n
The table below provides aggregated financial information for the Group\u2019s associates as it relates to the amounts
\n
recognised in the consolidated income statement and consolidated statement of financial position.
Investment in associates
Profit/(loss) for the financial year
2025
2024
2025
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Safaricom PLC
1
500
627
201
159
195
Indus Towers Limited
\u2013
1,104
55
140
50
Other
50
98
(18)
(16)
(12)
Total
550
1,829
238
283
233
\n
Note:
\n
1. Other comprehensive income includes loss for the financial year, together with \u20ac103 million loss (2024: \u20ac76 million gain) in respect of
\n
the application of IAS 29 to Safaricom\u2019s operations in Ethiopia.
\n
Indus Towers Limited
\n
On 19 June 2024, the Group announced the sale of an 18.0% stake in Indus Towers Limited (\u2018Indus\u2019) through an
\n
accelerated book-building offering (\u2018placing\u2019). The placing raised INR 153.0 billion (\u20ac1,684 million) in gross
\n
proceeds. Following the placing, the Group de-recognised its remaining associate investment in Indus, which was
\n
classified as an Other Investment recorded at fair value through profit and loss. A net gain on disposal of \u20ac714
\n
million has been recorded within other income in the Consolidated income statement. In August 2024 and
\n
December 2024, the Group disposed of its remaining 3.0% stake in Indus for cash consideration of \u20ac329m.
\n
Dividends received from associates
\n
During the year ended 31 March 2025, the Group received dividends included in the consolidated statement of
\n
cash flows from Safaricom PLC of \u20ac136 million (2024: \u20ac122 million, 2023: \u20ac250 million) and from Indus Towers
\n
Limited of \u20acNil (2024: \u20acnil, 2023: \u20ac75 million).
\n
Summarised financial information
\n
Summarised financial information for each of the Group\u2019s material associates on a 100% ownership basis is set
\n
out in the following table, together with the reconciliation to the carrying amount of our interest in the associate.
Safaricom PLC
Indus Towers Limited
2025
2024
2023
2025
2
2024
2023
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
2,792
2,210
2,468
835
3,185
3,343
Operating expenses
(1,561)
(1,189)
(1,353)
(286)
(1,598)
(2,240)
Depreciation and amortisation
(489)
(523)
(432)
(167)
(637)
(588)
Other income
79
142
68
\u2013
\u2013
\u2013
Operating profit
821
640
751
382
950
515
Interest income
17
16
13
11
126
26
Interest expense
(167)
(121)
(69)
(48)
(218)
(200)
Profit before tax
671
535
695
345
858
341
Income tax expense
(340)
(266)
(285)
(82)
(192)
(102)
Profit for the financial year
331
269
410
263
666
239
and total comprehensive
income
Attributable to:
- Owners of the parent
503
399
489
263
666
239
- Non-controlling interests
(172)
(130)
(79)
\u2013
\u2013
\u2013
Statement of financial
position
Non-current assets
3,062
3,901
\u2013
6,082
Current assets
600
578
\u2013
1,230
Total assets
3,662
4,479
\u2013
7,312
Equity shareholders' funds
1,246
1,566
\u2013
4,086
Non-controlling interests
331
767
\u2013
\u2013
Non-current liabilities
975
968
\u2013
2,098
Current liabilities
1,110
1,178
\u2013
1,128
Cash and cash equivalents
within current assets
215
163
\u2013
7
Non-current liabilities
excluding trade and other
payables and provisions
791
784
\u2013
1,716
Current liabilities excluding
trade and other payables and
provisions
357
349
\u2013
583
Equity shareholders' funds
1,246
1,566
4,086
Interest in associates
1
498
625
860
Goodwill
2
2
244
Carrying value
500
627
1,104
Profit for the financial year
503
399
489
263
666
239
Share of profit
201
159
195
55
140
50
\n
Note:
\n
1. The Group\u2019s effective ownership percentage of Safaricom PLC is 39.9%, rounded to the nearest tenth of one percent.
\n2. Financial information for 2025 relates to the period to 19th June 2024.Associated undertakings and joint arrangements
% of share class held
Company name
by Group companies
Share class
Australia
Level 27, Tower Two, International Towers Sydney, 200 Barangaroo Avenue,
Barangaroo NSW 2000, Australia
3.6 GHz Spectrum Pty Ltd
25.05
Ordinary shares
AAPT Limited
25.05
Ordinary shares
ACN 088 889 230 Pty Ltd
25.05
Ordinary shares
ACN 139 798 404 Pty Ltd
25.05
Ordinary shares
Adam Internet Holdings Pty Ltd
25.05
Ordinary shares
Adam Internet Pty Ltd
25.05
A shares, B shares,
Ordinary shares
Agile Pty Ltd
25.05
Ordinary shares
AlchemyIT Pty Ltd
25.05
Ordinary shares
Chariot Pty Ltd
25.05
Ordinary shares
Chime Communications Pty Ltd
25.05
Ordinary shares
Connect West Pty Ltd
25.05
Ordinary shares
Destra Communications Pty Ltd
25.05
Ordinary shares
Digiplus Contracts Pty Ltd
25.05
Ordinary shares
Digiplus Holdings Pty Ltd
25.05
Ordinary shares
Digiplus Investments Pty Ltd
25.05
Ordinary shares
Digiplus Pty Ltd
25.05
Ordinary shares
H3GA Properties (No. 3) Pty Ltd
25.05
Ordinary shares
iiNet Labs Pty Ltd
25.05
Ordinary shares
iiNet Limited
25.05
Ordinary shares
Internode Pty Ltd
25.05
Ordinary shares,
Class B shares
IntraPower Pty Ltd
25.05
Ordinary shares
Intrapower Terrestrial Pty Ltd
25.05
Ordinary shares
IP Group Pty Ltd
25.05
Ordinary shares
IP Services Xchange Pty Ltd
25.05
A shares, B shares
Kooee Communications Pty Ltd
25.05
Ordinary shares
Kooee Mobile Pty Ltd
25.05
Ordinary shares
Mercury Connect Pty Ltd
25.05
Ordinary shares,
E class shares
Mobile JV Pty Limited
25.05
Ordinary shares
Mobileworld Communications Pty Limited
25.05
Ordinary shares
Mobileworld Operating Pty Ltd
25.05
Ordinary shares
Netspace Online Systems Pty Ltd
25.05
Ordinary shares
Numillar IPS Pty Ltd
25.05
Ordinary shares
\n\n\n \n
% of share class held
Company name
by Group companies
Share class
Australia (continued)
PIPE International (Australia) Pty Ltd
25.05
Ordinary shares
PIPE Networks Pty Limited
25.05
Ordinary shares
PIPE Transmission Pty Limited
25.05
Ordinary shares
PowerTel Limited
25.05
Ordinary shares
Request Broadband Pty Ltd
25.05
Ordinary shares
Soul Communications Pty Ltd
25.05
Ordinary shares
Soul Contracts Pty Ltd
25.05
Ordinary shares
Soul Pattinson Telecommunications Pty Ltd
25.05
Ordinary shares
SPT Telecommunications Pty Ltd
25.05
Ordinary shares
SPTCom Pty Ltd
25.05
Ordinary shares
Telecom Enterprises Australia Pty Limited
25.05
Ordinary shares
Telecom New Zealand Australia Pty Ltd
25.05
Ordinary shares,
Redeemable
preference shares
TPG Corporation Limited
25.05
Ordinary shares
TPG Energy Pty Ltd
25.05
Ordinary shares
TPG Finance Pty Ltd
25.05
Ordinary shares
TPG Holdings Pty Ltd
25.05
Ordinary shares
TPG Internet Pty Ltd
25.05
Ordinary shares
TPG JV Company Pty Ltd
25.05
Ordinary shares
TPG Network Pty Ltd
25.05
Ordinary shares
TPG Telecom Limited
25.05
Ordinary shares
TransACT Capital Communications Pty Ltd
25.05
Ordinary shares
TransACT Communications Pty Ltd
25.05
Ordinary shares
TransACT Victoria Communications Pty Ltd
25.05
Ordinary shares
TransACT Victoria Holdings Pty Ltd
25.05
Ordinary shares
Trusted Cloud Pty Ltd
25.05
Ordinary shares
Trusted Cloud Solutions Pty Ltd
25.05
Ordinary shares
Value Added Network Pty Ltd
25.05
Ordinary shares
Vision Network Pty Ltd
25.05
Ordinary shares
Vodafone Australia Pty Limited
25.05
Ordinary shares,
Class B shares,
Redeemable
preference shares
Vodafone Foundation Australia Pty Limited
25.05
Ordinary shares
Vodafone Hutchison Receivables Pty Limited
25.05
Ordinary shares
Vodafone Hutchison Spectrum Pty Limited
25.05
Ordinary shares
Vodafone Network Pty Limited
25.05
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
Vodafone Pty Limited
25.05
Ordinary shares
VtalkVoip Pty Ltd
25.05
Ordinary shares
Westnet Pty Ltd
25.05
Ordinary shares
Belgium
Space Court of Justic, Rue aux Laines 70, 1000 Brussels, Belgium
Utiq S.A
25.00
Ordinary shares
Bermuda
Clarendon House, 2 Church St, Hamilton, HM11, Bermuda
PPC 1 Limited
25.05
Ordinary shares
Czech Republic
Praha 4, Z\u00e1vi\u0161ova 502/5, 14000, Nusle, Czech Republic
Vantage Towers s.r.o.
4
44.66
Ordinary shares
U Rajsk\u00e9 zahrady 1912/3, Praha 3, 13000, Czech Republic
COOP Mobil s.r.o.
33.33
Ordinary shares
Egypt
23 Kasr El Nil St, Cairo, 11211, Egypt
Wataneya Telecommunications S.A.E
50.00
Ordinary shares
Ethiopia
Kirkos Sub City, Woreda 01, House No. New, Addis Ababa, Ethiopia
Safaricom M-PESA Mobile Financial Services Plc
5
18.07
Ordinary shares
Safaricom Telecommunications Ethiopia Private Limited Company
5
18.07
Ordinary shares
Germany
38 Berliner Allee, 40212, D\u00fcsseldorf, Germany
MNP Deutschland Gesellschaft b\u00fcrgerlichen Rechts
33.33
Partnership share
Ferdinand-Braun-Platz 1, 40549, D\u00fcsseldorf, Germany
OXG Glasfaser Beteiligungs GmbH
50.00
Ordinary shares
OXG Glasfaser GmbH
50.00
Ordinary shares
Nobelstrasse 55, 18059, Rostock, Germany
Verwaltung Urbana Teleunion Rostock GmbH
3
50.00
Ordinary shares
Prinzenallee 11-13, 40549, D\u00fcsseldorf, Germany
Oak Holdings 1 GmbH
50.00
Ordinary shares
Oak Holdings 2 GmbH
50.00
Ordinary shares
Oak Holdings GmbH
50.00
Ordinary shares
Oak Renewables GmbH
50.00
Ordinary shares
Vantage Towers AG
44.66
Ordinary shares
Vantage Towers Erste Verwaltungsgesellschaft GmbH
4
44.66
Ordinary shares
\n \n
% of share class held
Company name
by Group companies
Share class
Greece
2 Adrianeiou str, Athens, 11525, Greece
Vantage Towers Single Member Societe Anonyme
4
44.66
Ordinary shares
12 Rizareiou str, Halandri, 15233, Greece
Tilegnous IKE
33.29
Ordinary shares
43-45 Valtetsiou Str., Athens, Greece
Safenet N.P,A.
24.97
Issued shares
Marathonos Ave 18 kn & Pylou, Pallini, Attica, 15351 Greece
Victus Networks S.A.
49.94
Ordinary shares
Hungary
Boldizs\u00e1r utca 2, Budapest, 1112, Hungary
Vantage
Towers Z\u00e1rtk\u00f6r\u0171en
M\u0171k\u00f6d\u0151,
R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
4
44.66
Ordinary shares
India
10
th
Floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg,
Worli, Mumbai, Maharashtra, 400030, India
Vodafone Foundation
6
24.03
Ordinary shares
Vodafone Idea Next-Gen Solutions Limited
6
24.39
Ordinary shares
Vodafone Idea Shared Services Limited
6
24.39
Ordinary shares
Vodafone Idea Technology Solutions Limited
6
24.39
Ordinary shares
You Broadband India Limited
6
24.39
Equity shares
Suman Tower, Plot No. 18, Sector No. 11, Gandhinagar, 382011, Gujarat, India
Vodafone Idea Limited
24.39
Equity shares
Vodafone Idea Manpower Services Limited
6
24.10
Ordinary shares
Vodafone House, Corporate Road, Prahladnagar, Off S. G. Highway, Ahmedabad,
Gujarat, 380051, India
Vodafone Idea Business Services Limited
6
24.39
Ordinary shares
Vodafone Idea Communication Systems Limited
6
24.39
Ordinary shares
Vodafone Idea Telecom Infrastructure Limited
6
24.39
Ordinary shares
Ireland
Mountainview, Leopardstown, Dublin 18, Ireland
Vantage Towers Limited
4
44.66
Ordinary shares
The Herbert Building, The Park, Carrickmines, Dublin, Ireland
Siro DAC
50.00
Ordinary shares
Siro JV Holdco Limited
50.00
Ordinary B shares
Italy
Via Gaetana Negri 1, 20123, Milano, Italy
Infrastrutture Wireless Italiane S.p.A.
16.79
Ordinary shares
\n \n
% of share class held
Company name
by Group companies
Share class
Kenya
6
th
Floor, ABC Towers, ABC Place, Waiyaki Way, Nairobi, 00100, Kenya
M-PESA Holding Co. Limited
27.74
Ordinary equity
shares
LR No. 13263 Safaricom House, PO Box 66827, 00800, Nairobi, Kenya
Safaricom PLC
27.74
Ordinary shares
Safaricom House, Waiyaki Way Westlands, Nairobi, Kenya
M-PESA Africa Limited
5
46.42
Ordinary shares
Luxembourg
15 rue Edward Steichen, Luxembourg, 2540, Luxembourg
Tomorrow Street SCA
50.00
Ordinary B shares,
Ordinary C shares
Netherlands
Avenue Ceramique 300, 6221 Kx, Maastricht, Netherlands
Vodafone Antennelocaties B.V.
50.00
Ordinary shares
Vodafone Libertel B.V.
50.00
Ordinary shares
Boven Vredenburgpassage 128, 3511 WR, Utrecht, Netherlands
Amsterdamse Beheer-en Consultingmaatschappij B.V.
50.00
Ordinary shares
Esprit Telecom B.V.
50.00
Ordinary shares
Vodafone Financial Services B.V.
50.00
Ordinary shares
Vodafone Nederland Holding I B.V.
50.00
Ordinary shares
Vodafone Nederland Holding II B.V.
50.00
Ordinary shares
VodafoneZiggo Employment B.V.
50.00
Ordinary shares
VodafoneZiggo Group B.V.
50.00
Ordinary shares
VodafoneZiggo Group Holding B.V.
50.00
Ordinary shares
VZ Financing I B.V.
50.00
Ordinary shares
VZ Financing II B.V.
50.00
Ordinary shares
VZ FinCo B.V.
50.00
Ordinary shares
VZ PropCo B.V.
50.00
Ordinary shares
VZ Secured Financing B.V.
50.00
Ordinary shares
Ziggo B.V.
50.00
Ordinary shares
Ziggo Deelnemingen B.V.
50.00
Ordinary shares
Ziggo Netwerk II B.V.
50.00
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
Ziggo Real Estate B.V.
50.00
Ordinary shares
Ziggo Services B.V.
50.00
Ordinary shares
Ziggo Services Employment B.V.
50.00
Ordinary shares
Ziggo Services Netwerk 2 B.V.
50.00
Ordinary shares
Ziggo Zakelijk
Services B.V.
50.00
Ordinary shares
ZUM B.V.
50.00
Ordinary shares
Media Parkboulevard 2, 1217 WE Hilversum, Netherlands
Liberty Global Content Netherlands B.V.
50.00
Ordinary shares
Regus, 3 More London Riverside, London SE1 2RE
Global Partnership for Ethiopia B.V.
18.07
Ordinary shares
Rivium Quadrant 175, 2909 LC, Capelle aan den Ijssel, Netherlands
Central Tower Holding Company B.V.
4
44.66
Ordinary shares
Winschoterdiep 60, 9723 AB Groningen, Netherlands
Ziggo Bond Company B.V.
50.00
Ordinary shares
Ziggo Netwerk B.V.
50.00
Ordinary shares
Portugal
Av. D. Jo\u00e3o II, n\u00ba 36 - 8\u00ba Piso, 1998 - 017, Parque das Na\u00e7\u00f5es, Lisboa, Portugal
DABCO Portugal, Lda
80.20
Ordinary shares
Edif. Arquiparque VII, R Dr Ant\u00f3nio Loureiro Borges, 7, 3.\u00b0, 1495-131 Alg\u00e9s, Oeiras,
Portugal
Vantage Towers, S.A.
4
44.66
Ordinary shares
Rua Pedro e In\u00eas, Lote 2.08.01, 1990-075,
Parque das Na\u00e7\u0151es, Lisboa, Portugal
Sport TV Portugal, S.A.
25.00
Nominative shares
S\u00cdTIO Sete Rios - Pra\u00e7a Nuno Rodrigues dos Santos, 7, 1600-171 , Lisboa, Portugal
Dual Grid \u2013 Gest\u00e3o de Redes Partilhadas, S.A.
50.00
Ordinary shares
Romania
Calea Floreasca no. 169A, 3
rd
floor, District 1, Bucharest, Romania
Vantage Towers S.R.L.
4
44.66
Ordinary shares
Floor 3, Module 2, Connected buildings III, Nr. 10A, Dimitrie Pompei Boulevard,
Bucharest, Sector 2, Romania
Netgrid Telecom SRL
50.00
Ordinary shares
Russian Federation
Building 3, 11, Promyshlennaya Street, Moscow, 115 516, Russian Federation
Autoconnex Limited
35.00
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
South Africa
76 Maude Street, Sandton, Johannesberg, 2196, South Africa
Waterberg Lodge (Proprietary) Limited
5
32.55
Ordinary shares
Celtis Plaza North, 1085 Schoeman Street, Hatfield, Pretoria, 0028, South Africa
Afri G I S (Pty) Ltd
5
21.16
Ordinary shares
Rigel Office Park Block A, No 446 Rigel Avenue South, Erasmu, South Africa
Canard Spatial Technologies Proprietary Limited
5
21.16
Ordinary shares
Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa
M-Pesa S.A (Proprietary) Limited
5
46.42
Ordinary shares
Spain
Calle San Severo 22, 28042, Madrid, Spain
Vantage Towers, S.L.U.
4
44.66
Ordinary shares
Tanzania, United Republic of
Plot No. 23, Ursino Estate, Bagamoyo Road, Dar es Salaam, Tanzania, United
Republic of
Vodacom Trust Limited
5
(in liquidation)
48.82
Ordinary A shares,
Ordinary B shares
T\u00fcrkiye
\u00c7ifte Havuzlar Mah Eski Londra Asfalti Cad No: 151/1E/301, Esenler, Istanbul,
T\u00fcrkiye
FGS Bilgi Islem Urunler Sanayi ve Ticaret AS
50.00
Ordinary shares
Levazim Mahallesi Vadi Caddesi Zorlu Center No:2 Ic Kapi No: 347, Besiktas,
Istanbul, T\u00fcrkiye
Red Haven Veri Merkezi Anonim Sirketi
50.00
Ordinary A Shares,
Ordinary B Shares
United Kingdom
One Kingdom Street, London, W2 6BY, United Kingdom
DABCO Limited
8
80.00
Ordinary shares,
Series A - preference
shares
24/25 The Shard, 32 London Bridge Street, London, SE1 9SG, United Kingdom
Digital Mobile Spectrum Limited
25.00
Ordinary shares
Floor 5, 20 Fenchurch Street, London, EC3M 3BY, United Kingdom
VodaFamily Ethiopia Holding Company Limited
5
31.47
Ordinary shares
Griffin House, 161 Hammersmith Road, London, W6 8BS, United Kingdom
Cable & Wireless Trade Mark Management Limited
50.00
Ordinary A shares,
Ordinary B shares
Hive 2, 1530 Arlington Business Park, Theale, Reading, Berkshire, RG7 4SA, United
Kingdom
Cornerstone Telecommunications Infrastructure Limited
5
22.33
Ordinary shares
% of share class held
Company name
by Group companies
Share class
Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom
Vodafone Hutchison (Australia) Holdings Limited
50.00
Ordinary shares
United States
251 Little Falls Drive, Wilmington DE 19808, United States
PPC 1 (US) Inc.
25.05
Ordinary shares
Ziggo Financing Partnership
50.00
Partnership interest
\n
Notes:
\n
1.
Directly held by Vodafone Group Plc.
\n
2.
Branches.
\n
3.
Shareholding is indirect through Vodafone Deutschland GmbH.
\n
4.
Shareholding is indirect through Vantage Towers A.G.
\n
5.
Shareholding is indirect through Vodacom Group Limited. The indirect shareholding is calculated using the 65.10% ownership interest
\n
in Vodacom Group Limited.
\n
6.
Includes the indirect interest held through Vodafone Idea Limited.
\n
7.
Accenture Holdings B.V. holds 20% of the total voting rights in Vodafone Shared Operations Limited.
\n
8.
SC DABCO Management LLC has joint control rights over DABCo Limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00852": { "value": "Accounting policies
Interests in joint arrangements
\n
A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic
\n
activity that is subject to joint control; that is, when the relevant activities that significantly affect the investee\u2019s
\n
returns require the unanimous consent of the parties sharing control. Joint arrangements are either joint
\n
operations or joint ventures.
\n
Gains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint
\n
arrangement are recognised in respect of the Group\u2019s entire equity holding in the subsidiary.
\n
Joint operations
\n
A joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets,
\n
and obligations for the liabilities, relating to the arrangement or that other facts and circumstances indicate that
\n
this is the case. The Group\u2019s share of assets, liabilities, revenue, expenses and cash flows are combined with the
\n
equivalent items in the consolidated financial statements on a line-by-line basis.
\n
Any goodwill arising on the acquisition of the Group\u2019s interest in a joint operation is accounted for in accordance
\n
with the Group\u2019s accounting policy for goodwill arising on the acquisition of a subsidiary.
\n
Joint ventures
\n
A joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets
\n
of the arrangement.
\n
At the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the
\n
identifiable assets, liabilities and contingent liabilities of the joint venture is recognised as goodwill. The goodwill
\n
is included within the carrying amount of the investment.
\n
The results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held
\n
for sale (see note 7 \u2018Discontinued operations and assets held for sale\u2019), are incorporated in the consolidated
\n
financial statements using the equity method of accounting. Under the equity method, investments in joint
\n
ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition
\n
changes in the Group\u2019s share of the net assets of the joint venture, less any impairment in the value of the
\n
investment. The Group\u2019s share of post-tax profits or losses are recognised in the consolidated income statement.
\n
Losses of a joint venture in excess of the Group\u2019s interest in that joint venture are recognised only to the extent
\n
that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.
\n
Associates
\n
An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an
\n
interest in a joint arrangement.
\n
Significant influence is the power to participate in the financial and operating policy decisions of the investee but
\n
where the Group does not have control or joint control over those policies.
\n
At the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the
\n
identifiable assets, liabilities and contingent liabilities of the associate is recognised as goodwill. The goodwill is
\n
included within the carrying amount of the investment.
\n
The results and assets and liabilities of associates are incorporated in the consolidated financial statements using
\nthe same equity method of accounting used for joint ventures, described above. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00854": { "value": "Accounting policies
Interests in joint arrangements
\n
A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic
\n
activity that is subject to joint control; that is, when the relevant activities that significantly affect the investee\u2019s
\n
returns require the unanimous consent of the parties sharing control. Joint arrangements are either joint
\n
operations or joint ventures.
\n
Gains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint
\n
arrangement are recognised in respect of the Group\u2019s entire equity holding in the subsidiary.
\n
Joint operations
\n
A joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets,
\n
and obligations for the liabilities, relating to the arrangement or that other facts and circumstances indicate that
\n
this is the case. The Group\u2019s share of assets, liabilities, revenue, expenses and cash flows are combined with the
\n
equivalent items in the consolidated financial statements on a line-by-line basis.
\n
Any goodwill arising on the acquisition of the Group\u2019s interest in a joint operation is accounted for in accordance
\n
with the Group\u2019s accounting policy for goodwill arising on the acquisition of a subsidiary.
\n
Joint ventures
\n
A joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets
\n
of the arrangement.
\n
At the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the
\n
identifiable assets, liabilities and contingent liabilities of the joint venture is recognised as goodwill. The goodwill
\n
is included within the carrying amount of the investment.
\n
The results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held
\n
for sale (see note 7 \u2018Discontinued operations and assets held for sale\u2019), are incorporated in the consolidated
\n
financial statements using the equity method of accounting. Under the equity method, investments in joint
\n
ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition
\n
changes in the Group\u2019s share of the net assets of the joint venture, less any impairment in the value of the
\n
investment. The Group\u2019s share of post-tax profits or losses are recognised in the consolidated income statement.
\n
Losses of a joint venture in excess of the Group\u2019s interest in that joint venture are recognised only to the extent
\nthat the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00853": { "value": "Associates
An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an
\n
interest in a joint arrangement.
\n
Significant influence is the power to participate in the financial and operating policy decisions of the investee but
\n
where the Group does not have control or joint control over those policies.
\n
At the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the
\n
identifiable assets, liabilities and contingent liabilities of the associate is recognised as goodwill. The goodwill is
\n
included within the carrying amount of the investment.
\n
The results and assets and liabilities of associates are incorporated in the consolidated financial statements using
the same equity method of accounting used for joint ventures, described above. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00855": { "value": "13. Other investments
The Group holds a number of other listed and unlisted investments, mainly comprising
\n
managed funds, deposits and government bonds.
\n
Accounting policies
\n
Other investments comprising debt and equity instruments are recognised and derecognised on settlement
\n
date and are initially measured at fair value, including transaction costs.
\n
Debt securities that are held for collection of contractual cash flows where those cash flows represent solely
\n
payments of principal and interest are measured at amortised cost using the effective interest method, less any
\n
impairment. Debt securities that do not meet the criteria for amortised cost are measured at fair value through
\n
profit and loss.
\n
Equity securities are classified and measured at fair value through other comprehensive income where the
\n
possibility of sale in the near term is considered low at the time of acquisition; other equity securities are
\n
recorded at fair value through the income statement. For equity securities valued at fair value through other
\n
comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss
\n
following derecognition of the investment.
2025
2024
\u20acm
\u20acm
Included within non-current assets
Equity securities
1
1,279
65
Bonds and debt securities
2
1,874
941
3,153
1,006
Included within current assets
Short-term investments:
Bonds and debt securities
3
2,139
1,201
Managed investment funds
1
3,141
2,024
5,280
3,225
Collateral assets
4
1,010
741
Other investments
5
1,134
1,126
7,424
5,092
\n
Notes:
\n
1. Items measured at a fair value, \u20ac306 million (2024: \u20ac27 million) of equity securities have a valuation basis of level 1 classification, which
\n
comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets for identical assets and
\n
liabilities. \u20ac937 million (2024: nil) of equity securities have a valuation basis level 3 classification, due to some of the inputs to the
\n
valuation model being unobservable inputs. The remaining items are measured at fair value and the basis is level 2 classification, which
\n
comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either
\n
directly or indirectly.
\n
2. Includes \u20ac913 million (2024: nil) of non-current investments in sovereign securities measured at amortised cost and a fair value of \u20ac909
\n
million (2024: nil) with a valuation basis of level 1 classification. Also includes \u20ac864 million (2024: \u20ac830 million) of items with a fair value
\n
of \u20ac788 million (2024: \u20ac810 million) with a valuation basis of level 2 classification. The fair value of the remaining balance approximates
\n
the carrying value measured at amortised cost.
\n
3. Items are measured at fair value and the valuation basis is level 1 classification.
\n
4. Items are measured at amortised cost and the carrying amount approximates fair value.
\n
5. Includes investments measured at a fair value of \u20ac365 million (2024: \u20ac459 million). The valuation basis is level 1. The remaining items
\n
are measured at amortised cost and the carrying amount approximates fair value.
\n
Equity securities that have been classified as level 3 valuation basis include \u20ac937 million (2024: nil) investments
\n
in Zegona shares. Valuation approach and sensitivity to key valuation inputs have been disclosed in note 22
\n
\u2018Capital and financial risk management\u2019. Investments in Zegona shares are measured at fair value through profit
\n
and loss, while the remaining equity securities are measured at fair value through other comprehensive income.
\n
Non-current bond securities have maturity dates in 2027 and 2028 and include \u20ac609 million (2024: \u20acnil) of
\n
German; \u20ac204 million (2024: \u20acnil) of Dutch and \u20ac100 million (2024: \u20acnil) of European Union government
\n
securities. Non-current debt securities within non-current assets include \u20ac864 million (2024: \u20ac830 million) of
\n
loan notes issued by VodafoneZiggo Holding B.V.
\n
The Group invests surplus cash positions across a portfolio of short-term investments to manage liquidity and
\n
credit risk whilst achieving suitable returns. Collateral arrangements on derivative financial instruments result in
\n
cash being paid/(held), repayable when the derivatives are settled. These assets do not meet the definition of
\n
cash and cash equivalents but are included in the Group\u2019s net debt based on their liquidity.
\n
Short-term bonds and debt securities includes \u20ac624 million (2024: \u20ac587 million) of highly liquid French; \u20acnil
\n
million (2024: \u20ac308 million) Dutch; \u20ac573 million (2024: \u20ac306 million) Japanese; \u20ac498 million (2024: \u20acnil)
\n
German and \u20ac444 million (2024: \u20acnil) Belgian government securities.
\n
Managed investment funds of \u20ac3,141 million (2024: \u20ac2,024 million) are in funds with liquidity of up to 90 days.
\n
Collateral assets of \u20ac1,010 million (2024: \u20ac741 million) represents collateral paid on derivative financial
\n
instruments.
\n
Other investments are excluded from net debt based on their liquidity and primarily consist of restricted debt
\n
securities including amounts held in qualifying assets by Group insurance companies to meet regulatory
\n
requirements.
\n
14. Trade and other receivables
\n
Trade and other receivables mainly consist of amounts owed to us by customers and amounts
\n
that we pay to our suppliers in advance. Derivative financial instruments with a positive market
\n
value are reported within this note as are contract assets, which represent an asset for accrued
\n
revenue in respect of goods or services delivered to customers for which a trade receivable
\n
does not yet exist, and finance lease receivables recognised where the Group acts as a lessor.
\n
See note 20 \u2018Leases\u2019 for more information on the Group\u2019s leasing activities.
\n
Accounting policies
\n
Trade receivables represent amounts owed by customers where the right to receive payment is conditional only
\n
on the passage of time. Trade receivables that are recovered in instalments from customers over an extended
\n
period are discounted at market rates and interest revenue is accreted over the expected repayment period.
\n
Other trade receivables do not carry any interest and are stated at their nominal value. When the Group
\n
establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair
\n
value through other comprehensive income; all other trade receivables are recorded at amortised cost.
\n
The carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised
\n
cost is reduced by allowances for lifetime estimated credit losses. Estimated future credit losses are first
\n
recorded on the initial recognition of a receivable and are based on the ageing of the receivable balances,
\n
historical experience and forward-looking considerations. Individual balances are written off when management
\n
deems them not to be collectible.
2025
2024
\u20acm
\u20acm
Included within non-current assets
Trade receivables
6
8
Trade receivables held at fair value through other comprehensive income
289
294
Net investment in leases
372
211
Contract assets
496
450
Contract-related costs
822
676
Other receivables
82
78
Prepayments
300
239
Derivative financial instruments
4,064
4,011
6,431
5,967
2025
2024
\u20acm
\u20acm
Included within current assets
Trade receivables
3,236
2,841
Trade receivables held at fair value through other comprehensive income
421
441
Net investment in leases
88
99
Contract assets
2,473
2,413
Contract-related costs
1,253
1,169
Amounts owed by associates and joint ventures
166
130
Other receivables
928
686
Prepayments
706
600
Derivative financial instruments
1
133
215
9,404
8,594
\n
Note:
\n
1. Includes \u20acnil (2024: \u20ac22 million) of embedded derivative option for which fair value is based on level 3 of the fair value hierarchy (see
\n
section on fair value carrying value information within note 22 \u2018Capital and financial risk management\u2019). All other items are measured at
\n
fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than
\n
quoted prices that are observable for the asset or liability, either directly or indirectly.
\n
The Group\u2019s trade receivables and contract assets are classified at amortised cost unless stated otherwise and are
\n
measured after allowances for future expected credit losses, see note 22 \u2018Capital and financial risk management\u2019
\n
for more information on credit risk.
\n
The carrying amounts of trade and other receivables, which are measured at amortised cost, approximate their
\n
fair value and are predominantly non-interest bearing.
\n
The Group\u2019s contract-related costs comprise \u20ac2,000 million (2024: \u20ac1,814 million) relating to costs incurred to
\n
obtain customer contracts and \u20ac75 million (2024: \u20ac31 million) relating to costs incurred to fulfil customer
\n
contracts; an amortisation and impairment expense, excluding discontinued operations in Spain and Italy, of
\n
\u20ac935 million (2024: \u20ac853 million) was recognised in operating profit during the year.
\n
Other than for the embedded derivative option described above, the fair values of the derivative financial
\n
instruments are calculated by discounting the future cash flows to net present values using appropriate market
\n
interest rates and foreign currency rates prevailing at 31 March.
\n
15. Trade and other payables
\n
Trade and other payables mainly consist of amounts owed to suppliers that have been
\n
invoiced or are accrued and contract liabilities relating to consideration received from
\n
customers in advance. They also include taxes and social security amounts due in relation to
\n
the Group\u2019s role as an employer. Derivative financial instruments with a negative market value
\n
are reported within this note.
\n
Accounting policies
\n
Trade payables are not interest-bearing and are stated at their nominal value.
2025
2024
\u20acm
\u20acm
Included within non-current liabilities
Other payables
245
222
Insurance liabilities
226
254
Accruals
40
41
Contract liabilities
812
343
Derivative financial instruments
1
1,824
1,468
3,147
2,328
Included within current liabilities
Trade payables
2
6,157
5,613
Amounts owed to associates and joint ventures
332
346
Other taxes and social security payable
846
887
Other payables
1,038
846
Insurance liabilities
54
48
Accruals
3
4,138
4,037
Contract liabilities
1,416
1,565
Derivative financial instruments
1
82
56
14,063
13,398
\n
Notes:
\n
1. Items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined
\n
from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.
\n
2. Included in Trade payables are invoices that are registered for the Group\u2019s supply chain financing programme of \u20ac2,198 million (1 April
\n
2024: \u20ac1,772 million); suppliers had drawn early payments of \u20ac1,443 million relating to these invoices at 31 March 2025.
\n
3. Includes \u20ac132 million (2024: \u20acnil) payable in relation to the irrevocable and non-discretionary share buyback programme announced in
\n
February 2025.
\n
The carrying amounts of trade and other payables approximate their fair value.
\n
Materially all of the \u20ac1,565 million recorded as current contract liabilities at 1 April 2024 was recognised as
\n
revenue during the year.
\n
Insurance liabilities included within non-current liabilities include \u20ac226 million (2024: \u20ac254 million) in respect of
\n
the re-insurance of a third party annuity policy related to the Vodafone and CWW Sections of the Vodafone UK
\n
Group Pension Scheme.
\n
The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net
\n
present values using appropriate market interest rates and foreign currency rates prevailing at 31 March.
\n
Supplier financing arrangements
\n
Trade payables
\n
The Group evaluates supplier arrangements against a number of indicators to assess if the payable continues to
\n
hold the characteristics of a trade payable or should be classified as borrowings; these indicators include whether
\n
the payment terms exceed the shorter of customary payment terms in the industry or 180 days. At 31 March
\n
2025, none of the payables subject to supplier financing arrangements met the criteria to be reclassified as
\n
borrowings.
\n
Supply chain financing arrangements
\n
The Group offers eligible suppliers the opportunity to use supply chain financing (\u2018SCF\u2019), allowing suppliers that
\n
decide to use it to receive payment earlier than the invoice due date. The Group does not provide any financial
\n
guarantees to the financial institutions that run the SCF programme and continues to cash settle supplier
\n
payables in accordance with their contractual terms.
\n
The Group does not use the SCF programme to extend its payments terms with suppliers except for \u20ac148 million
\n
of Trade payables for which the Group has extended payment terms from 30 to 90 days (31 March 2024: \u20acnil) via
\n
the use of reverse factoring.
\n
Payment terms
\n
The Group has a range of payment terms up to 180 days for both SCF and non-SCF invoices. The majority of non-
\nSCF and SCF invoices by value are payable under 30 and 90 days respectively. 19. Cash and cash equivalents
The majority of the Group\u2019s cash is held in bank deposits or money market funds which have a
maturity of three months or less from acquisition to enable us to meet our short-term liquidity
requirements.
Accounting policies
Cash and cash equivalents comprise cash and bank deposits, and other short-term highly liquid investments that
are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Assets in money market funds, whose contractual cash flows do not represent solely payments of interest and
principal, are measured at fair value with gains and losses arising from changes in fair value included in net profit
or loss for the period. All other cash and cash equivalents are measured at amortised cost.
2025
2024
\u20acm
\u20acm
Cash and bank deposits
1
8,871
4,168
Money market funds
2
2,130
2,015
Cash and cash equivalents as presented in the consolidated statement of
financial position
11,001
6,183
Bank overdrafts
(108)
(111)
Cash and cash equivalents of discontinued operations
\u2013
42
Cash and cash equivalents as presented in the consolidated statement of
cash flows
10,893
6,114
Notes:
1. Includes bank deposits under repurchase agreements of \u20ac6,531 million (2024: \u20ac2,034 million).
2. Items are measured at fair value and the valuation basis is level 1 classification, which comprises financial instruments where fair value is
determined by unadjusted quoted prices in active markets.
The carrying amount of balances at amortised cost approximates their fair value.
Cash and cash equivalents of \u20ac1,922 million (2024: \u20ac1,629 million) are held in countries with restrictions on
remittances but where the balances could be used to repay subsidiaries\u2019 third party liabilities. In addition, those
balances could also be used to repay \u20ac800 million (2024: \u20ac790 million) of intercompany liabilities as at 31 March
2025.21. Borrowings
The Group\u2019s sources of borrowing for funding and liquidity purposes come from a range of
\n
committed bank facilities and through short-term and long-term issuances in the capital
\n
markets including bond and commercial paper issues and bank loans. Liabilities arising from
\n
the Group\u2019s lease arrangements are also reported in borrowings; see note 20 \u2018Leases\u2019. We
\n
manage the basis on which we incur interest on debt between fixed interest rates and floating
\n
interest rates depending on market conditions using interest rate derivatives. The Group
\n
enters into foreign exchange contracts to mitigate the impact of exchange rate movements
\n
on certain monetary items.
\n
Accounting policies
\n
Interest-bearing bonds, loans and overdrafts are initially measured at fair value (which is equal to cost at
\n
inception), and are subsequently measured at amortised cost, using the effective interest rate method. Where
\n
they are identified as a hedged item in a designated fair value hedge relationship, fair value adjustments are
\n
recognised in accordance with our policy (see note 22 \u2018Capital and financial risk management\u2019). Any difference
\n
between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings
\n
is recognised over the term of the borrowing.
\n
Borrowings
Re-presented
1
2025
2024
\u20acm
\u20acm
Non-current borrowings
Bonds
34,873
40,382
Bank loans
1,009
402
Lease liabilities (note 20 'Leases')
8,480
7,416
Other borrowings
2
1,734
1,059
46,096
49,259
Current borrowings
Bonds
1,529
361
Bank loans
204
365
Lease liabilities (note 20 'Leases')
2,346
2,256
Collateral liabilities
2,357
2,628
Bank borrowings secured against Indian assets
\u2013
1,720
Other borrowings
2
611
398
7,047
7,728
Borrowings
53,143
56,987
\n
Note:
\n
1. On 1 April 2024, the Group adopted amendments to IAS 1 \u2018Presentation of Financial statements\u2019 which has impacted the classification
\n
of certain bonds between current borrowings and non-current borrowings. As a result of the reclassification, comparatives at 31 March
\n
2024, have been re-presented in accordance with IFRS requirements. See note 1 \u2018Basis of preparation\u2019 to the consolidated financial
\n
statements for more information.
\n
2. Includes \u20ac700 million (2024: \u20ac862 million) and \u20ac187 million (2024: \u20ac158 million) of licence and spectrum fees payable, and \u20ac307
\n
million (2024: \u20ac20 million) and \u20ac196 million (2024: \u20ac40 million) of supplier payables classified as borrowings, in non-current and
\n
current borrowings respectively.
\n
The fair value of the Group\u2019s financial liabilities held at amortised cost approximate to fair value with the
\n
exception of long-term bonds with a carrying value of \u20ac34,873 million (2024 re-presented
\n
1
\n
: \u20ac40,382 million)
\n
which have a fair value of \u20ac31,325 million (2024 re-presented
\n
1
\n
: \u20ac36,787 million). Fair value is based on level 1 of
\n
the fair value hierarchy using quoted market prices.
\n
The Group\u2019s current borrowings also included \u20acnil (2024: \u20ac1,720 million) of bank borrowings that were secured
\n
against the Group\u2019s shareholdings in Indus Towers and Vodafone Idea (see note 12 \u2018Associates and joint
\n
arrangements\u2019 for further details of these assets) that were repaid following the realisation of proceeds from
\n
those assets. This arrangement contained an embedded derivative option which was separately fair valued and
\n
was presented within derivative assets in current assets (see note 14 \u2018Trade and other receivables\u2019).
\n
The Group\u2019s borrowings, which mainly include certain bonds that have been designated in hedge relationships,
\n
are carried at \u20ac899 million (2024: \u20ac1,229 million) higher than their euro equivalent redemption value. In
\n
addition, where bonds are issued in currencies other than euros, the Group has entered into foreign currency
\n
swaps to fix the euro cash outflows on redemption. The impact of these swaps is not reflected in borrowings and
\n
would decrease the euro equivalent redemption value of the bonds by \u20ac1,132 million (2024: \u20ac1,559 million).
\n
Commercial paper programmes
\n
The Group currently have US and euro commercial paper programmes of US$15 billion (\u20ac13.9 billion) and \u20ac10
\n
billion respectively which are available to be used to meet short-term liquidity requirements. At 31 March 2025
\n
both programmes remained undrawn. The commercial paper facilities were supported by US$4.0 billion (\u20ac3.7
\n
billion) and \u20ac4.1 billion of syndicated committed bank facilities. No amounts had been drawn under these
\n
facilities.
\n
Bonds
\n
We have two \u20ac30 billion euro medium-term note programmes and a US shelf programme which are used to
\n
meet medium to long-term funding requirements. At 31 March 2025 the total nominal amounts in issue under
\n
these programmes split by currency were US$18.4 billion, \u20ac13.0 billion, \u00a34.0 billion, CHF0.2 billion, HKD$1.8
\n
billion, AUS$0.3 billion, JPY10.0 billion, and NOK0.2 billion.
\n
At 31 March 2025 the Group had bonds outstanding with a nominal value equivalent to \u20ac35.5 billion. During the
\n
year ended 31 March 2025, bonds with a nominal value of \u20ac0.6 billion and US$3.0 billion (\u20ac2.8 billion) were
\n
issued utilising the euro medium-term note and US shelf programmes. During the year bonds with nominal value
\n
of US$3.3 billion (\u20ac3.1 billion), \u20ac2.6 billion, NOK2.0 billion (\u20ac0.2 billion), AUS$0.2 billion (\u20ac0.1 billion), \u00a30.1 billion
\n
(\u20ac0.1 billion), CHF0.1 billion (\u20ac0.1 billion) and HKD$0.3 billion (\u20ac0.04 billion) were re-purchased and bonds with a
\n
carrying value of US$1.0 billion (\u20ac0.9 billion) and CHF0.4 billion (\u20ac0.4 billion) matured. Bonds mature between
\n
2025 and 2086 (2024: 2024 and 2063) and have interest rates between 0.5% and 8% (2024: 0.375% and 8%).
\n
Treasury shares
\n
The Group held a maximum of 2,305,697,477 (2024: 1,825,624,610) of its own shares during the year which
\n
represented 8.2% (2024: 6.3%) of issued share capital at that time.
\n
22. Capital and financial risk management
\n
This note details the treasury management and financial risk management objectives and
\n
policies, as well as the exposure and sensitivity of the Group to credit, liquidity, interest and
\n
foreign exchange risk, and the policies in place to monitor and manage these risks.
\n
Accounting policies
\n
Financial instruments
\n
Financial assets and financial liabilities, in respect of financial instruments, are recognised on the Group\u2019s
\n
consolidated statement of financial position when the Group becomes a party to the contractual provisions of
\n
the instrument.
\n
Financial liabilities and equity instruments
\n
Financial liabilities and equity instruments issued by the Group are classified according to the substance of the
\n
contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An
\n
equity instrument is any contract that provides a residual interest in the assets of the Group after deducting all of
\n
its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted
\n
for specific financial liabilities and equity instruments are set out below.
\n
Derivative financial instruments and hedge accounting
\n
The Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which
\n
it manages using derivative financial instruments. The use of financial derivatives is governed by the Group\u2019s
\n
policies approved by the Board of Directors, which provide written principles on the use of financial derivatives
\n
consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments
\n
for speculative purposes.
\n
The Group designates certain derivatives as:
\n
\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\n
\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm
\n
commitments (\u2018cash flow hedges\u2019); or
\n
\u2212
hedges of net investments in foreign operations.
\n
Derivative financial instruments are initially measured at fair value on the contract date and are subsequently re-
\n
measured to fair value at each reporting date. Changes in values of all derivatives of a financing nature are
\n
included within investment income and financing costs in the income statement unless designated in an
\n
effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective
\n
portion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at
\n
the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure
\n
that an economic relationship exists between the hedged item and hedging instrument. For fair value hedges,
\n
the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk, with gains and
\n
losses recognised in the income statement.
\n
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no
\n
longer qualifies for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in
\n
other comprehensive income at that time remains in equity and is recognised in the income statement when the
\n
hedged transaction is ultimately recognised in the income statement.
\n
For cash flow hedges, when the hedged item is recognised in the income statement, amounts previously
\n
recognised in other comprehensive income and accumulated in equity for the hedging instrument are
\n
reclassified to the income statement. However, when the hedged transaction results in the recognition of a non-
\n
financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive
\n
income and accumulated in equity are transferred from equity and included in the initial measurement of the
\n
cost of the non-financial asset or non-financial liability. If a forecast transaction is no longer expected to occur,
\n
the gain or loss accumulated in equity is recognised immediately in the income statement.
\n
For net investment hedges, gains and losses accumulated in other comprehensive income are included in the
\n
income statement when the foreign operation is disposed of.
\n
Capital management
\n
The following table summarises the capital of the Group at 31 March:
2025
2024
\u20acm
\u20acm
Borrowings (note 21)
53,143
56,987
Cash and cash equivalents (note 19)
(11,001)
(6,183)
Derivative financial instruments included in trade and other receivables (note 14)
(4,197)
(4,226)
Derivative financial instruments included in trade and other payables (note 15)
1,906
1,524
Non-current investments in sovereign securities (note 13)
(913)
\u2013
Short-term investments (note 13)
(5,280)
(3,225)
Collateral assets (note 13)
(1,010)
(741)
Financial liabilities under put option arrangements
97
\u2013
Equity
53,916
60,998
Capital
86,661
105,134
\n
The Group\u2019s policy is to borrow centrally using a mixture of long-term and short-term capital market issues and
\n
borrowing facilities to meet anticipated funding requirements. These borrowings, together with cash generated
\n
from operations, are loaned internally or contributed as equity to certain subsidiaries.
\n
Dividends from joint ventures and associates and to non-controlling shareholders
\n
Dividend policies within shareholder agreements for certain of the Group\u2019s associates and joint ventures give the
\n
Group certain rights to receive dividends but are generally paid at the discretion of the Board of Directors or
\n
shareholders. We do not have existing obligations to pay dividends to non-controlling interest partners of our
\n
subsidiaries. The amount of dividends received and paid in the year are disclosed in the consolidated statement
\n
of cash flows.
\n\n
Sale of trade receivables
\n
During the year, the Group sold certain trade receivables to a number of financial institutions. Whilst there are no
\n
repurchase obligations in respect of these receivables, the Group provided credit guarantees which would only
\n
become payable if default rates were significantly higher than historical rates. The credit guarantee is not
\n
considered substantive and substantially all risks and rewards associated with the receivables passed to the
\n
purchaser at the date of sale, therefore the receivables were derecognised. The maximum payable under the
\n
guarantees at 31 March 2025 was \u20ac1,765 million (2024: \u20ac1,929 million). No provision has been made in respect
\n
of these guarantees as the likelihood of a cash outflow has been assessed as remote.
\n
Supply chain financing arrangements
\n
The Group offers eligible suppliers the opportunity to use supply chain financing, allowing suppliers that decide
\n
to use it to receive payment earlier than the invoice due date (see note 15 \u2018Trade and other payables\u2019). The Group
\n
does not provide any financial guarantees to the financial institutions that run the supply chain financing
\n
programme and continues to cash settle supplier payables in accordance with their contractual terms.
\n
Financial risk management
\n
The Group\u2019s treasury function centrally manages the Group\u2019s funding requirement, net foreign exchange
\n
exposure, interest rate management exposures and counterparty risk arising from investments and derivatives.
\n
Treasury operations are conducted within a framework of policies and guidelines authorised and reviewed by the
\n
Board, most recently in March 2023. Treasury risk management is overseen by a committee comprising of the
\n
Group\u2019s Chief Financial Officer, Group General Counsel and Company Secretary, Group Corporate Finance
\n
Director, Group Treasury Director and Group Director of Financial Controlling and Operations. The committee
\n
receives management information relating to treasury activities on a quarterly basis. The Group\u2019s Internal Auditor
\n
reviews the internal control environment regularly.
\n
No bonds issued by the Group or the Revolving Credit Facilities are subject to financial covenant ratios.
\n
Approximately \u20ac30 billion (2024: \u20ac32 billion) of issued bonds have a change of control clause. The Group uses
\n
derivative instruments for currency and interest rate risk management purposes that are transacted by specialist
\n
treasury personnel. The Group mitigates banking sector credit risk by the use of collateral support agreements.
\n
The Group\u2019s financial risk management policies seek to reduce the Group\u2019s exposure to any future disruption to
\n
financial markets, including any future impacts from global economic and political uncertainty and other macro
\n
economic events.
\n
The Group has combined cash and cash equivalent and investments included in net debt of \u20ac17.2 billion,
\n
providing significant headroom over short-term liquidity requirements. Additionally the Group maintains
\n
undrawn revolving credit facilities of \u20ac7.8 billion euro equivalent. As at 31 March 2025 and after hedging,
\n
substantially all the Group\u2019s borrowings are held on a fixed interest basis, mitigating exposure to interest rate risk.
\n
The Group has no significant currency exposures other than positions in economic hedging relationships. The
\n
Group\u2019s credit risk under financing activities is spread across a portfolio of highly rated institutions to reduce
\n
counterparty exposures and derivative balances are substantially all collateralised. The Group\u2019s operating
\n
activities result in customer credit risk, for which provisions for expected credit losses are recognised.
\n
Credit risk
\n
Credit risk is the risk that a counterparty will not meet its obligations under a financial asset leading to a
\n
financial loss for the Group. The Group is exposed to credit risk from its operating activities and from its
\n
financing activities, the Group considers its maximum exposure to credit risk at 31 March to be:
2025
2024
\u20acm
\u20acm
Cash and bank deposits (note 19)
8,871
4,168
Money market funds (note 19)
2,130
2,015
Managed investment funds (note 13)
3,141
2,024
Bonds and debt securities (note 13)
4,013
2,142
Collateral assets (note 13)
1,010
741
Other investments (note 13)
1,134
1,126
Derivative financial instruments (note 14)
4,197
4,226
Trade receivables (note 14)
1
5,717
5,513
Contract assets and other receivables (note 14)
4,605
4,067
Financial Guarantees
2
1,518
2,038
36,336
28,060
\n
Notes:
\n
1. Includes amounts guaranteed under sales of trade receivables \u20ac1,765 million (2024: \u20ac1,929 million).
\n
2. Principally comprises Vodafone Group Plc\u2019s guarantee of the Group\u2019s share in a multicurrency loan facility, amounting to US$1 billion
\n
and \u20ac0.6 billion (2024: US$1.0 billion and \u20ac0.6 billion), which forms part of its overall joint venture investment in TPG Telecom Ltd. The
\n
Group\u2019s share of these loan balances is included in the net investment in joint venture (see note 12 'Associates and joint arrangements').
\n
Financial guarantees also includes \u20acnil (2024: INR 42.5 billion) in relation to the secondary pledge over shares owned by Vodafone
\n
Group in Indus Towers (see note 29 'Contingent liabilities and legal proceedings').
\n\n
Financing activities
\n
The Group invests in government securities on the basis they generate a fixed rate of return and are amongst the
\n
most creditworthy of investments available.
\n
Investments are made in accordance with established internal treasury policies which dictate the scaled
\n
maximum exposure permissible in relation to an investment\u2019s long-term credit rating. The Group invests in AAA
\n
unsecured money market mutual funds, where the investment is limited to 10% of each fund; A to AAA
\n
government securities, both directly and through money market mutual funds; and has two managed
\n
investment funds that hold securities with an average credit quality of AA.
\n
In respect of financial instruments used by the Group\u2019s treasury function, the aggregate credit risk the Group may
\n
have with one counterparty is limited by reference to the long-term credit ratings assigned for that counterparty.
\n
Furthermore, collateral support agreements reduce the Group\u2019s exposure to counterparties who must post cash
\n
or non-cash collateral when there is value due to the Group under outstanding derivative contracts that exceeds
\n
a contractually agreed threshold amount. When value is due to the counterparty the Group is required to post
\n
collateral on identical terms. Such cash collateral is adjusted daily as necessary. Non-cash collateral is not
\n
recognised on balance sheet but it would become payable to the Group in the event of a counterparty default on
\n
the related derivative financial assets.
\n
In the event of any default, ownership of the collateral would revert to the respective holder at that point.
\n
Detailed below is the value of the cash collateral, which is reported within current borrowings, held by the Group
\n
at 31 March.
2025
2024
\u20acm
\u20acm
Collateral liabilities (note 21)
2,357
2,628
\n
In addition, as discussed in note 29 \u2018Contingent liabilities and legal proceedings\u2019, the Group has covenanted to
\n
provide security in favour of the trustee of the Vodafone Group UK Pension Scheme in respect of the funding
\n
deficit in the scheme. The Group has also pledged cash as collateral against derivative financial instruments as
\n
disclosed in note 13 \u2018Other investments\u2019.
\n
Operating activities
\n
Customer credit risk is managed by the Group\u2019s business units which each have policies, procedures and controls
\n
relating to customer credit risk management. Outstanding trade receivables and contract assets are regularly
\n
reviewed to monitor any changes in credit risk with concentrations of credit risk considered to be limited given
\n
that the Group\u2019s customer base is large and unrelated. The Group applies the simplified approach and records
\n
lifetime expected credit losses for trade receivables and contract assets. Expected credit losses are measured
\n
using historical cash collection data for periods of at least 24 months wherever possible and grouped into various
\n
customer segments based on product or customer type. The historical loss rates are adjusted where
\n
macroeconomic factors, for example changes in interest rates or unemployment rates, or other commercial
\n
factors are expected to have a significant impact when determining future expected credit loss rates.
\n
For trade receivables the expected credit loss provision is calculated using a provision matrix, in which the
\n
provision increases as balances age, and for receivables paid in instalments and contract assets a weighted loss
\n
rate is calculated to reflect the period over which the amounts become due for payment by the customer. Trade
\n
receivables and contract assets are written off when each business unit determines there to be no reasonable
\n
expectation of recovery and enforcement activity has ceased.
\n
Movements in the allowance for expected credit losses during the year were as follows:
Trade receivables held
Trade receivables held
at fair value through
Contract assets
at amortised cost
other comprehensive income
2025
2024
2025
2024
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April
20
78
765
1,149
78
71
Exchange movements
1
(1)
(7)
(41)
\u2013
1
Amounts charged to credit losses
on financial assets
85
96
360
419
31
82
Transfer of assets held for sale
\u2013
(31)
\u2013
(324)
\u2013
(16)
Other
1
(60)
(122)
(253)
(438)
(32)
(60)
31 March
46
20
865
765
77
78
\n
Note:
\n
1. Primarily utilisation of the provision by way of write-off.
\n
Expected credit losses are presented as net credit losses on financial assets within operating profit and
\n
subsequent recoveries of amounts previously written off are credited against the same line item.
\n
The majority of the Group\u2019s trade receivables are due for maturity within 90 days and largely comprise amounts
\n
receivable from consumers and business customers. The table below presents information on trade receivables
\n
past due\u00b9 and their associated expected credit losses:
Trade receivables at amortised cost past due
30 days
31\u201360
61\u2013180
180
Due
or less
days
days
days+
Total
31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Gross carrying amount
2,553
400
134
284
736
4,107
Expected credit loss allowance
(67)
(59)
(27)
(129)
(583)
(865)
Net carrying amount
2,486
341
107
155
153
3,242
Trade receivables at amortised cost past due
30 days
31\u201360
61\u2013180
180
Due
or less
days
days
days+
Total
31 March 2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Gross carrying amount
2,199
347
122
308
638
3,614
Expected credit loss allowance
(52)
(56)
(26)
(111)
(520)
(765)
Net carrying amount
2,147
291
96
197
118
2,849
\n
Note:
\n
1. Contract assets relate to amounts not yet due from customers. These amounts will be reclassified as trade receivables before they
\n
become due. Trade receivables at fair value through other comprehensive income are not materially past due.
\n
Liquidity risk
\n
Liquidity is reviewed daily on at least a 12-month rolling basis and stress tested on the assumption that any
\n
commercial paper outstanding matures and is not reissued. The Group maintains substantial cash and cash
\n
equivalents which at 31 March 2025 amounted
to cash \u20ac11.0
billion (2024:
\u20ac6.2 billion) and undrawn committed
\n
facilities of \u20ac8.0
billion (2024:
\u20ac8.0 billion), principally US dollar and euro revolving credit facilities of US$4.0
\n
billion (\u20ac3.7
billion) and \u20ac4.1 billion and which mature in 2028 and 2030
respectively. The Group manages
\n
liquidity risk on non-current borrowings by maintaining a varied maturity profile with a cap on the level of debt
\n
maturity in any one calendar year, therefore minimising refinancing risk. Non-current borrowings mature
\n
between 1 and 61 years.
\n
The maturity profile
of the anticipated future cash flows including interest in relation to the Group\u2019s non-
\n
derivative financial liabilities on an undiscounted basis which, therefore, differs from both the carrying value and
\n
fair value, is as follows:
Trade
payables and
Lease
Total
other financial
Bank loans
Bonds
liabilities
Other
2
Borrowings
liabilities
3
Total
Maturity profile
1
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Within one year
223
3,626
2,765
2,969
9,583
11,719
21,302
One to two years
171
4,426
2,081
253
6,931
138
7,069
Two to three years
79
2,034
1,756
673
4,542
\u2013
4,542
Three to four years
176
2,628
1,434
469
4,707
\u2013
4,707
Four to five years
69
4,893
965
422
6,349
\u2013
6,349
More than five years
769
41,898
3,868
90
46,625
\u2013
46,625
1,487
59,505
12,869
4,876
78,737
11,857
90,594
Effect of discount /
financing rates
(274)
(23,103)
(2,043)
(174)
(25,594)
(8)
(25,602)
31 March 2025
1,213
36,402
10,826
4,702
53,143
11,849
64,992
Within one year
365
2,871
2,603
4,747
10,586
10,891
21,477
One to two years
140
5,860
1,984
247
8,231
128
8,359
Two to three years
27
5,608
1,599
245
7,479
\u2013
7,479
Three to four years
91
2,310
1,461
226
4,088
\u2013
4,088
Four to five years
161
3,437
1,129
422
5,149
\u2013
5,149
More than five years
72
40,826
2,366
277
43,541
\u2013
43,541
856
60,912
11,142
6,164
79,074
11,019
90,093
Effect of discount /
financing rates
(89)
(20,169)
(1,470)
(359)
(22,087)
(7)
(22,094)
31 March 2024
767
40,743
9,672
5,805
56,987
11,012
67,999
\n
Notes:
\n
1.
Maturities reflect contractual cash flows applicable except in the event of a change of control or event of default, upon which lenders
\n
have the right, but not the obligation, to request payment within 30 days. This also applies to undrawn committed facilities. There is no
\n
debt that is subject to a material adverse change clause. Where there is a choice of contractual cash flow dates, principally on \u2018hybrid
\n
bonds\u2019, the expected settlement date is used.
\n
2.
Includes spectrum licence payables with maturity profile \u20ac187
million (2024:
\u20ac153 million)
within one year, \u20ac187
million (2024:
\u20ac187
\n
million) in one to two years, \u20ac187
million (2024:
\u20ac187 million)
in two to three years, \u20ac187
million (2024:
\u20ac187 million) in three to four
\n
years, \u20ac187
million (2024:
\u20ac187 million)
in four to five years and \u20ac89
million (2024:
\u20ac276 million) in more than five years. Also includes
\n
\u20ac2,357 million (2024:
\u20ac2,628 million) in relation to cash received under collateral support agreements shown within 1 year.
\n
3.
Includes financial liabilities under put option arrangements and non-derivative financial liabilities presented within trade and other
\n
payables.
\n
The maturity profile of the Group\u2019s financial derivatives (which include interest rate swaps, cross-currency
\n
interest rate swaps and foreign exchange swaps) using undiscounted cash flows, is as follows:
2025
2024
Payable
1
Receivable
1
Total
Payable
1
Receivable
1
Total
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Within one year
(8,207)
8,792
585
(7,181)
7,886
705
In one to two years
(5,780)
6,180
400
(4,984)
5,466
482
In two to three years
(2,363)
2,807
444
(5,496)
5,910
414
In three to four years
(5,782)
6,326
544
(2,457)
2,909
452
In four to five years
(4,174)
4,666
492
(3,451)
4,020
569
In more than five years
(47,357)
53,987
6,630
(40,415)
46,561
6,146
(73,663)
82,758
9,095
(63,984)
72,752
8,768
Effect of discount/financing rates
(6,804)
(6,066)
Financial derivative net receivable
2,291
2,702
\n
Note:
\n
1.
Payables and receivables are stated separately in the table above where cash settlement is on a gross basis.
\n
Market risk
\n
Interest rate management
\n
Under the Group\u2019s interest rate management
policy, interest rates on long-term monetary assets and liabilities
\n
are principally maintained on a fixed rate basis.
\n
At 31 March 2025 and after hedging, substantially all of our outstanding liabilities are held on a fixed interest rate
\n
basis in accordance with treasury policy.
\n
For each one hundred basis point rise in market interest rates for all currencies in which the Group had
\n
borrowings at 31 March 2025 there would be a decrease
in profit before tax by \u20ac26
million (2024:
\u20ac13 million
\n
increase) including mark to market revaluations of interest rate and other derivatives and the potential interest
\n
on cash and short-term investments. There would be no material impact on equity.
\n
At 31 March 2025, the Group had limited exposure through interest rate derivatives and floating rate bonds
\n
referencing LIBOR and other interbank offered rates (IBORs).
\n\n
Foreign exchange management
\n
As Vodafone\u2019s primary listing is on the London Stock Exchange its share price is quoted in sterling. Since the
\n
sterling share price represents the value of its future multi-currency cash flows, principally in euro, South African
\n
rand and sterling, the Group maintains the currency of debt and interest charges in proportion to its expected
\n
future principal cash flows and has a policy to hedge external foreign exchange risks on transactions
\n
denominated in other currencies above a certain de minimis level.
\n
At 31 March 2025 9% of net debt was denominated in currencies other than euro (4% South African rand and 5%
\n
other). This allows South African rand to be serviced in proportion to expected future cash flows and therefore
\n
provides a partial economic hedge against income statement translation exposure.
\n
Under the Group\u2019s foreign exchange management policy, foreign exchange transaction exposure in Group
\n
companies is generally maintained at the lower of \u20ac5 million per currency per month or \u20ac15 million per currency
\n
over a six-month period.
\n
The Group recognises foreign exchange movements in equity for the translation of net investment hedging
\n
instruments and balances treated as investments in foreign operations. However, there is no net impact on
\n
equity for exchange rate movements on net investment hedging instruments as there would be an offset in the
\n
currency translation of the foreign operation. At 31 March 2025 the Group held financial liabilities in a net
\n
investment hedge against the Group\u2019s South African rand operations. Sensitivity to foreign exchange movements
\n
on the hedging liabilities, analysed against a strengthening of the South African rand by 9% (2024: 10%) would
\n
result in a decrease in equity of \u20ac106 million (2024: \u20ac154 million) which would be fully offset by foreign
\n
exchange movements on the hedged net assets. In addition, cash flow hedges of principally US dollar
\n
borrowings would result in an increase in equity of \u20ac34 million (2024: \u20ac73million) against a strengthening of US
\n
dollar by 1% (2024: 3%).
\n
The Group income statement is exposed to foreign exchange risk from both the generation of profits and losses
\n
in currencies other than euro and from the translation of balance sheet items not held in functional currency.
\n
The following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage movement applied to
\n
the currency is based on the average movements in the previous three annual reporting periods.
2025
2024
\u20acm
\u20acm
Increase/ (decrease) in Profit before taxation
EGP 41% change (2024: 43%)
224
191
TRY 38% change (2024: 54%)
118
104
ZAR 9% change (2024: 10%)
114
60
GBP 3% change (2024: 2%)
(27)
(50)
\n
Equity risk
\n
There is no material equity risk relating to the Group\u2019s equity investments which are detailed in note 13 \u2018Other
\n
investments\u2019.
\n
Risk management strategy of hedge relationships
\n
The risk strategies of the designated cash flow, fair value, and net investment hedges reflect the above market
\n
risk strategies.
\n
The objective of the cash flow hedges is principally to convert foreign currency denominated fixed rate
\n
borrowings in US dollar, Pound sterling, Australian dollar, Swiss franc, Hong Kong dollar, Japanese yen,
\n
Norwegian krona and floating rate borrowings into euro fixed rate borrowings and hedge the foreign exchange
\n
spot rate and interest rate risk. There are also cash flow hedges of certain subsidiary expenditure not
\n
denominated in functional currency of the entity, to hedge foreign exchange risk. Derivative financial
\n
instruments designated in cash flow hedges are cross-currency interest rate swaps and foreign exchange swaps
\n
and forwards. The swap maturity dates and liquidity profiles of the nominal cash flows match those of the
\n
underlying borrowings and exposures.
\n
The objective of the net investment hedges is to hedge foreign exchange risk in foreign operations. Derivative
\n
financial instruments designated in net investment hedges are cross-currency interest rate swaps and foreign
\n
exchange swaps. The hedging instruments are rolled on an ongoing basis as determined by the nature of the
\n
business.
\n
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
\n
effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging
\n
instrument.
\n
For hedges of foreign currency denominated borrowings and investments, the Group uses a combination of
\n
cross-currency and foreign exchange swaps to hedge its exposure to foreign exchange risk and interest rate risk
\n
and enters into hedge relationships where the critical terms of the hedging instrument match with the terms of
\n
the hedged item. Therefore, the Group expects a highly effective hedging relationship with the swap contracts
\n
and the value of the corresponding hedged items to change systematically in the opposite direction in response
\n
to movements in the underlying exchange rates and interest rates. The Group therefore performs a qualitative
\n
assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the
\n
critical terms no longer match with the critical terms of the hedging instrument, the Group uses the hypothetical
\n
derivative method to assess effectiveness. Hedge ineffectiveness may occur due to:
\n
a) The fair value of the hedging instrument on the hedge relationship designation date if the fair value is not nil;
\n
b) Changes in the contractual terms or timing of the payments on the hedged item; and
\n
c) A change in the credit risk of the Group or the counterparty with the hedging instrument.
\n
The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument
\n
and the quantity of the hedged item to determine their relative weighting; for all of the Group\u2019s existing hedge
\n
relationships the hedge ratio has been determined as 1:1.
\n
The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net
\n
present values using appropriate market rates and foreign currency rates prevailing at 31 March. The valuation
\n
basis is level 2 of the fair value hierarchy. This classification comprises items where fair value is determined from
\n
inputs other than quoted prices that are observable for the asset and liability, either directly or indirectly.
\n
Derivative financial assets and liabilities are included within trade and other receivables and trade and other
\n
payables in the statement of financial position.
\n\n
The table below shows the carrying values and nominal amounts of derivatives in a continued hedge relationship as at 31 March.
Other comprehensive income
Weighted average
Carrying
Carrying
Opening
(Gain)/loss
Gain/(Loss)
Closing
Euro
Nominal
value
value
balance
deferred
recycled to
balance
Maturity
interest
amounts
assets
liabilities
1 April 2024
to OCI
financing costs
31 March 2025
1
year
FX rate
rate
At 31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
%
Cash flow hedges - foreign currency risk
2
Cross-currency and foreign exchange swaps:
- US dollar bonds
16,097
2,245
138
(810)
(307)
56
(1,061)
2044
1.15
3.51
- Australian dollar bonds
163
\u2013
11
(13)
14
(2)
(1)
2027
1.56
1.58
- Swiss franc bonds
204
37
\u2013
(10)
(23)
24
(9)
2030
1.08
1.53
- Pound sterling bonds
4,642
58
444
333
86
70
489
2043
0.86
3.84
- Hong Kong dollar bonds
216
20
\u2013
\u2013
(4)
3
(1)
2028
9.14
1.62
- Japanese yen bonds
78
\u2013
14
(6)
2
1
(3)
2037
128.53
2.47
- Norwegian krona bonds
25
\u2013
4
(5)
3
2
\u2013
2025
9.25
0.37
- Foreign exchange forwards
3
\u2013
\u2013
\u2013
(42)
(1)
43
\u2013
\u2013
\u2013
\u2013
Cash flow hedges - foreign currency and interest rate risk
2
Cross currency swaps - US dollar bonds
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Net investment hedge - foreign exchange risk
4
Cross currency and foreign exchange swaps - South African rand investment
1,203
124
\u2013
898
96
\u2013
994
2026
17.62
2.76
22,628
2,484
611
345
(134)
197
408
Other comprehensive income
Weighted average
Carrying
Carrying
Opening
(Gain)/loss
Gain/(Loss)
Closing
Euro
Nominal
value
value
balance
deferred
recycled to
balance
Maturity
interest
amounts
assets
liabilities
1 April 2023
to OCI
financing costs
31 March 2024
1
year
FX rate
rate
At 31 March 2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
%
Cash flow hedges - foreign currency risk
2
Cross-currency and foreign exchange swaps:
- US dollar bonds
16,756
2,689
188
(2,709)
1,775
124
(810)
2039
1.18
3.29
- Australian dollar bonds
288
\u2013
2
(21)
14
(6)
(13)
2027
1.56
1.57
- Swiss franc bonds
624
80
\u2013
(3)
(22)
15
(10)
2026
1.08
1.57
- Pound sterling bonds
4,771
45
362
(37)
244
126
333
2043
0.86
4.05
- Hong Kong dollar bonds
233
20
\u2013
(5)
2
3
\u2013
2028
9.08
1.92
- Japanese yen bonds
78
\u2013
11
(12)
15
(9)
(6)
2037
128.53
2.47
- Norwegian krona bonds
241
\u2013
47
(12)
13
(6)
(5)
2026
9.15
1.12
- Foreign exchange forwards
3
287
\u2013
42
(34)
(15)
7
(42)
2024
29.88
\u2013
Cash flow hedges - foreign currency and interest rate risk
2
Cross currency swaps - US dollar bonds
\u2013
\u2013
\u2013
(11)
11
\u2013
\u2013
\u2013
\u2013
\u2013
Net investment hedge - foreign exchange risk
4
Cross currency and foreign exchange swaps - South African rand investment
1,505
176
\u2013
952
(54)
\u2013
898
2026
17.81
2.19
24,783
3,010
652
(1,892)
1,983
254
345
\n
Notes:
\n
1.
Fair value movement deferred into other comprehensive income includes \u20ac200 million gain (2024: \u20ac251 million loss) and \u20ac1 million gain (2024: \u20ac10 million gain) of foreign currency basis outside the cash flow and net investment hedge relationships respectively.
\n
2.
For cash flow hedges, the movement in the hypothetical derivative (hedged item) mirrors that of the hedging instrument. Hedge ineffectiveness of the swaps designated in a cash flow hedge during the period was \u20ac28 million (2024: \u20ac67 million).
\n
3.
Includes euro and US dollar forward contracts against Turkish lira to hedge foreign currency forecast expenditures in local markets. Notional amounts of \u20acnil (2024: \u20ac166 million) and $nil (2024: $130 million or \u20ac121 million equivalent) with weighted average exchange rates of nil (2024: 29.68) and nil (2024:
\n
30.15) respectively to Turkish lira.
\n
4.
Hedge ineffectiveness of swaps designated in a net investment hedge during the period was \u20acnil (2024: \u20acnil).
\n
The carrying value of bonds includes an additional \u20ac457 million loss (2024: \u20ac710 million loss) in relation to fair value of other bonds previously designated in fair value hedge relationships.
Changes in assets and liabilities arising from financing activities
The tables below present the changes in assets and liabilities arising from financing activities at 31 March 2025 and 31 March 2024.
Assets and
liabilities
Financial
arisi
Derivative
liabilities
from
assets and
under
Other
financing
Borrowings
liabilities
put options
liabilities
3
activities
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2024
56,987
(2,702)
\u2013
105
54,390
Cash movements
Proceeds from issuance of long-term
borrowings
4,680
\u2013
\u2013
\u2013
4,680
Repayment of borrowings
1
(12,963)
\u2013
\u2013
\u2013
(12,963)
Net movement in short-term borrowings
78
\u2013
\u2013
\u2013
78
Net movement in derivatives
\u2013
404
\u2013
\u2013
404
Interest paid
1
(2,975)
348
4
(82)
(2,705)
Purchase of treasury shares
\u2013
\u2013
\u2013
(1,868)
(1,868)
Non-cash movements
Fair value movements
\u2013
(45)
\u2013
\u2013
(45)
Foreign exchange
121
61
\u2013
(4)
178
Interest costs
2
2,196
(356)
\u2013
43
1,883
Lease additions
4,361
\u2013
\u2013
\u2013
4,361
Other
658
(1)
93
2,000
2,750
31 March 2025
53,143
(2,291)
97
194
51,143
Assets and
liabilities
Financial
arisi
Derivative
liabilities
from
assets and
under
Other
financing
Borrowings
liabilities
put options
liabilities
activities
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2023
66,390
(4,702)
485
103
62,276
Cash movements
Proceeds from issuance of long-term
borrowings
1,533
\u2013
\u2013
\u2013
1,533
Repayment of borrowings
1
(10,106)
\u2013
\u2013
\u2013
(10,106)
Net movement in short-term borrowings
(1,636)
\u2013
\u2013
\u2013
(1,636)
Net movement in derivatives
\u2013
144
\u2013
\u2013
144
Interest paid
1
(2,531)
272
(17)
(54)
(2,330)
Other
\u2013
\u2013
(493)
\u2013
(493)
Non-cash movements
Fair value movements
\u2013
2,233
\u2013
\u2013
2,233
Foreign exchange
61
(231)
\u2013
1
(169)
Interest costs
2
2,766
(395)
13
56
2,440
Lease additions
3,915
\u2013
\u2013
\u2013
3,915
Transfer of assets and liabilities held for sale
(3,455)
(23)
\u2013
(1)
(3,479)
Other
50
\u2013
12
\u2013
62
31 March 2024
56,987
(2,702)
\u2013
105
54,390
Notes:
1. Includes \u20acnil (2024: \u20ac1,136 million) in Repayment of borrowings and \u20acnil (2024: \u20ac103 million) in Interest paid that are presented within Cash
outflows from discontinued operations in the Consolidated statement of cash flows.
2. Includes \u20acnil (2024: \u20ac111 million) of Interest costs presented within Discontinued operations in the Consolidated income statement.
3. Movement in Other liabilities primarily relate to share buyback programmes.
\n\n
Fair value and carrying value information
\n
The carrying value and valuation basis of the Group\u2019s financial assets are set out in notes 13 \u2018Other investments\u2019,
\n
14 \u2018Trade and other receivables\u2019 and 19 \u2018Cash and cash equivalents\u2019. For all financial assets held at amortised cost
\n
the carrying values approximate fair value except as disclosed in note 13 \u2018Other investments\u2019.
\n
The carrying value and valuation basis of the Group\u2019s financial liabilities are set out in notes 15 \u2018Trade and other
\n
payables\u2019 and 21 \u2018Borrowings\u2019. The carrying values approximate fair value for the Group\u2019s trade payables and
\n
other payables categories. For other financial liabilities a comparison of fair value and carrying value is disclosed
\n
in note 21 \u2018Borrowings\u2019.
\n
Level 3 financial instruments
\n
The Group\u2019s borrowings include \u20acnil (2024: \u20ac1,720 million) of bank borrowings that were secured against the
\n
Group\u2019s shareholdings in Indus Towers and Vodafone Idea (see note 12 \u2018Associates and joint arrangements\u2019 for
\n
further details of these assets) that were repaid during the year through the sale of the shareholding in Indus
\n
Towers. This arrangement contained an embedded derivative option which was separately fair valued. The 31
\n
March 2024 valuation of the embedded derivative asset of \u20ac22 million was presented within derivative assets in
\n
current assets (see note 14 \u2018Trade and other receivables\u2019).
\n
A Black Scholes model for European put options was used as a valuation model and primarily used market inputs
\n
(quoted share prices and volatilities for Indus Towers and Vodafone Idea) along with a strike price equal to the
\n
amount payable under the loan. The valuation included an unobservable adjustment to reflect the potential
\n
timeframe to settle the loan and was modelled using a range of potential durations up to 30 September 2025. As
\n
a result of this unobservable adjustment, the option was classified as a level 3 instrument under the fair value
\n
hierarchy.
\n
Following the completion of the sale of Vodafone Spain on 31 May 2024 (See note 7 \u2018Discontinued operations
\n
and assets held for sale\u2019), the Group received the non-cash consideration component in the form of \u20ac900 million
\n
Redeemable Preference Shares (\u2018RPS\u2019) issued by EJLSHM Funding Ltd (\u2018EJLSHM\u2019). The RPS will be redeemed 6
\n
years after completion, or earlier if there is a material liquidity event or exit from Zegona that releases funds to its
\n
shareholders. The RPS have a nominal value, including accrued interest, of \u20ac937 million on 31 March 2025.
\n
EJLSHM subscribed for new ordinary shares in Zegona, equivalent to the value of the RPS, the future proceeds
\n
from which will be used to repay the RPS. Per the contractual arrangement, these ordinary shares do not carry
\n
voting rights, and their value is capped at the nominal value, including accrued interest, of the RPS. EJSHM is a
\n
consolidated special purpose entity for the Group, resulting in the elimination of the RPS and the recognition of
\n
an investment in the Zegona shares for the Group. The Zegona shares are recorded at fair value through profit
\n
and loss and have a fair value of \u20ac937 million on 31 March 2025.
\n
The valuation approach for the Zegona shares reflects the contractual terms of the RPS arrangement and utilises
\n
a bespoke option model which draws on observable Level 2 market data inputs, including bond yields, share
\n
prices, and foreign exchange rates. The model also includes certain key inputs that requires judgement. These
\n
include the timing of when EJLSHM will sell its shares in Zegona to settle its RPS liability to the Group, Zegona\u2019s
\n
share price volatility and the share\u2019s expected dividend yield.
\n
The only judgement that has a material impact on the valuation is the Zegona share price volatility. An
\n
increase/(decrease) of the share price volatility by 10% would have \u20acnil impact due to fair value being capped at
\n
the nominal value of the RPS, including accrued interest at 31 March 2025.
\n
Net financial instruments
\n
The table below shows the Group\u2019s financial assets and liabilities that are subject to offset in the balance sheet
\n
and the impact of enforceable master netting or similar agreements.
Related amounts not set off in the balance sheet
Amounts
Right of set off
Collateral
presented in
with derivative
(liabilities)/
Gross amount
Amount set off
balance sheet
counterparties
assets
1
Net amount
At 31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Derivative financial assets
4,197
\u2013
4,197
(1,146)
(2,357)
694
Derivative financial liabilities
(1,906)
\u2013
(1,906)
1,146
1,010
250
Total
2,291
\u2013
2,291
\u2013
(1,347)
944
Related amounts not set off in the balance sheet
Amounts
Right of set off
Collateral
presented in
with derivative
(liabilities)/
Gross amount
Amount set off
balance sheet
counterparties
assets
1
Net amount
At 31 March 2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Derivative financial assets
4,226
\u2013
4,226
(899)
(2,628)
699
Derivative financial liabilities
(1,524)
\u2013
(1,524)
899
741
116
Total
2,702
\u2013
2,702
\u2013
(1,887)
815
\n
Note:
\n
1. Excludes non-cash collateral of \u20ac613 million (2024: \u20ac370 million) which is not recognised on balance sheet, but which would become
\n
payable to the Group in the event of a counterparty default on the related derivative financial assets.
\n
Financial assets and liabilities are offset and the net amount reported in the consolidated balance sheet when
\n
there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net
\n
basis or realise the asset and settle the liability simultaneously. Derivative financial instruments that do not meet
\n
the criteria for offset could be settled net in certain circumstances under ISDA (\u2018International Swaps and
\n
Derivatives Association\u2019) agreements where each party has the option to settle amounts on a net basis in the
\n
event of default from the other. Collateral may be offset and net settled against derivative financial instruments
\n
in the event of default by either party. The aforementioned collateral balances are recorded in notes 13 \u2018Other
\ninvestments\u2019 or 21 \u2018Borrowings\u2019 respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00856": { "value": "13. Other investments
The Group holds a number of other listed and unlisted investments, mainly comprising
\n
managed funds, deposits and government bonds.
\n
Accounting policies
\n
Other investments comprising debt and equity instruments are recognised and derecognised on settlement
\n
date and are initially measured at fair value, including transaction costs.
\n
Debt securities that are held for collection of contractual cash flows where those cash flows represent solely
\n
payments of principal and interest are measured at amortised cost using the effective interest method, less any
\n
impairment. Debt securities that do not meet the criteria for amortised cost are measured at fair value through
\n
profit and loss.
\n
Equity securities are classified and measured at fair value through other comprehensive income where the
\n
possibility of sale in the near term is considered low at the time of acquisition; other equity securities are
\n
recorded at fair value through the income statement. For equity securities valued at fair value through other
\n
comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss
\n
following derecognition of the investment.
2025
2024
\u20acm
\u20acm
Included within non-current assets
Equity securities
1
1,279
65
Bonds and debt securities
2
1,874
941
3,153
1,006
Included within current assets
Short-term investments:
Bonds and debt securities
3
2,139
1,201
Managed investment funds
1
3,141
2,024
5,280
3,225
Collateral assets
4
1,010
741
Other investments
5
1,134
1,126
7,424
5,092
\n
Notes:
\n
1. Items measured at a fair value, \u20ac306 million (2024: \u20ac27 million) of equity securities have a valuation basis of level 1 classification, which
\n
comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets for identical assets and
\n
liabilities. \u20ac937 million (2024: nil) of equity securities have a valuation basis level 3 classification, due to some of the inputs to the
\n
valuation model being unobservable inputs. The remaining items are measured at fair value and the basis is level 2 classification, which
\n
comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either
\n
directly or indirectly.
\n
2. Includes \u20ac913 million (2024: nil) of non-current investments in sovereign securities measured at amortised cost and a fair value of \u20ac909
\n
million (2024: nil) with a valuation basis of level 1 classification. Also includes \u20ac864 million (2024: \u20ac830 million) of items with a fair value
\n
of \u20ac788 million (2024: \u20ac810 million) with a valuation basis of level 2 classification. The fair value of the remaining balance approximates
\n
the carrying value measured at amortised cost.
\n
3. Items are measured at fair value and the valuation basis is level 1 classification.
\n
4. Items are measured at amortised cost and the carrying amount approximates fair value.
\n
5. Includes investments measured at a fair value of \u20ac365 million (2024: \u20ac459 million). The valuation basis is level 1. The remaining items
\n
are measured at amortised cost and the carrying amount approximates fair value.
\n
Equity securities that have been classified as level 3 valuation basis include \u20ac937 million (2024: nil) investments
\n
in Zegona shares. Valuation approach and sensitivity to key valuation inputs have been disclosed in note 22
\n
\u2018Capital and financial risk management\u2019. Investments in Zegona shares are measured at fair value through profit
\n
and loss, while the remaining equity securities are measured at fair value through other comprehensive income.
\n
Non-current bond securities have maturity dates in 2027 and 2028 and include \u20ac609 million (2024: \u20acnil) of
\n
German; \u20ac204 million (2024: \u20acnil) of Dutch and \u20ac100 million (2024: \u20acnil) of European Union government
\n
securities. Non-current debt securities within non-current assets include \u20ac864 million (2024: \u20ac830 million) of
\n
loan notes issued by VodafoneZiggo Holding B.V.
\n
The Group invests surplus cash positions across a portfolio of short-term investments to manage liquidity and
\n
credit risk whilst achieving suitable returns. Collateral arrangements on derivative financial instruments result in
\n
cash being paid/(held), repayable when the derivatives are settled. These assets do not meet the definition of
\n
cash and cash equivalents but are included in the Group\u2019s net debt based on their liquidity.
\n
Short-term bonds and debt securities includes \u20ac624 million (2024: \u20ac587 million) of highly liquid French; \u20acnil
\n
million (2024: \u20ac308 million) Dutch; \u20ac573 million (2024: \u20ac306 million) Japanese; \u20ac498 million (2024: \u20acnil)
\n
German and \u20ac444 million (2024: \u20acnil) Belgian government securities.
\n
Managed investment funds of \u20ac3,141 million (2024: \u20ac2,024 million) are in funds with liquidity of up to 90 days.
\n
Collateral assets of \u20ac1,010 million (2024: \u20ac741 million) represents collateral paid on derivative financial
\n
instruments.
\n
Other investments are excluded from net debt based on their liquidity and primarily consist of restricted debt
\n
securities including amounts held in qualifying assets by Group insurance companies to meet regulatory
\nrequirements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00857": { "value": "13. Other investments
The Group holds a number of other listed and unlisted investments, mainly comprising
\n
managed funds, deposits and government bonds.
\n
Accounting policies
\n
Other investments comprising debt and equity instruments are recognised and derecognised on settlement
\n
date and are initially measured at fair value, including transaction costs.
\n
Debt securities that are held for collection of contractual cash flows where those cash flows represent solely
\n
payments of principal and interest are measured at amortised cost using the effective interest method, less any
\n
impairment. Debt securities that do not meet the criteria for amortised cost are measured at fair value through
\n
profit and loss.
\n
Equity securities are classified and measured at fair value through other comprehensive income where the
\n
possibility of sale in the near term is considered low at the time of acquisition; other equity securities are
\n
recorded at fair value through the income statement. For equity securities valued at fair value through other
\n
comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss
\n
following derecognition of the investment.
2025
2024
\u20acm
\u20acm
Included within non-current assets
Equity securities
1
1,279
65
Bonds and debt securities
2
1,874
941
3,153
1,006
Included within current assets
Short-term investments:
Bonds and debt securities
3
2,139
1,201
Managed investment funds
1
3,141
2,024
5,280
3,225
Collateral assets
4
1,010
741
Other investments
5
1,134
1,126
7,424
5,092
\n
Notes:
\n
1. Items measured at a fair value, \u20ac306 million (2024: \u20ac27 million) of equity securities have a valuation basis of level 1 classification, which
\n
comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets for identical assets and
\n
liabilities. \u20ac937 million (2024: nil) of equity securities have a valuation basis level 3 classification, due to some of the inputs to the
\n
valuation model being unobservable inputs. The remaining items are measured at fair value and the basis is level 2 classification, which
\n
comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either
\n
directly or indirectly.
\n
2. Includes \u20ac913 million (2024: nil) of non-current investments in sovereign securities measured at amortised cost and a fair value of \u20ac909
\n
million (2024: nil) with a valuation basis of level 1 classification. Also includes \u20ac864 million (2024: \u20ac830 million) of items with a fair value
\n
of \u20ac788 million (2024: \u20ac810 million) with a valuation basis of level 2 classification. The fair value of the remaining balance approximates
\n
the carrying value measured at amortised cost.
\n
3. Items are measured at fair value and the valuation basis is level 1 classification.
\n
4. Items are measured at amortised cost and the carrying amount approximates fair value.
\n
5. Includes investments measured at a fair value of \u20ac365 million (2024: \u20ac459 million). The valuation basis is level 1. The remaining items
\n
are measured at amortised cost and the carrying amount approximates fair value.
\n
Equity securities that have been classified as level 3 valuation basis include \u20ac937 million (2024: nil) investments
\n
in Zegona shares. Valuation approach and sensitivity to key valuation inputs have been disclosed in note 22
\n
\u2018Capital and financial risk management\u2019. Investments in Zegona shares are measured at fair value through profit
\n
and loss, while the remaining equity securities are measured at fair value through other comprehensive income.
\n
Non-current bond securities have maturity dates in 2027 and 2028 and include \u20ac609 million (2024: \u20acnil) of
\n
German; \u20ac204 million (2024: \u20acnil) of Dutch and \u20ac100 million (2024: \u20acnil) of European Union government
\n
securities. Non-current debt securities within non-current assets include \u20ac864 million (2024: \u20ac830 million) of
\n
loan notes issued by VodafoneZiggo Holding B.V.
\n
The Group invests surplus cash positions across a portfolio of short-term investments to manage liquidity and
\n
credit risk whilst achieving suitable returns. Collateral arrangements on derivative financial instruments result in
\n
cash being paid/(held), repayable when the derivatives are settled. These assets do not meet the definition of
\n
cash and cash equivalents but are included in the Group\u2019s net debt based on their liquidity.
\n
Short-term bonds and debt securities includes \u20ac624 million (2024: \u20ac587 million) of highly liquid French; \u20acnil
\n
million (2024: \u20ac308 million) Dutch; \u20ac573 million (2024: \u20ac306 million) Japanese; \u20ac498 million (2024: \u20acnil)
\n
German and \u20ac444 million (2024: \u20acnil) Belgian government securities.
\n
Managed investment funds of \u20ac3,141 million (2024: \u20ac2,024 million) are in funds with liquidity of up to 90 days.
\n
Collateral assets of \u20ac1,010 million (2024: \u20ac741 million) represents collateral paid on derivative financial
\n
instruments.
\n
Other investments are excluded from net debt based on their liquidity and primarily consist of restricted debt
\n
securities including amounts held in qualifying assets by Group insurance companies to meet regulatory
\nrequirements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00858": { "value": "13. Other investments
The Group holds a number of other listed and unlisted investments, mainly comprising
\n
managed funds, deposits and government bonds.
\n
Accounting policies
\n
Other investments comprising debt and equity instruments are recognised and derecognised on settlement
\n
date and are initially measured at fair value, including transaction costs.
\n
Debt securities that are held for collection of contractual cash flows where those cash flows represent solely
\n
payments of principal and interest are measured at amortised cost using the effective interest method, less any
\n
impairment. Debt securities that do not meet the criteria for amortised cost are measured at fair value through
\n
profit and loss.
\n
Equity securities are classified and measured at fair value through other comprehensive income where the
\n
possibility of sale in the near term is considered low at the time of acquisition; other equity securities are
\n
recorded at fair value through the income statement. For equity securities valued at fair value through other
\n
comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss
\n
following derecognition of the investment.
2025
2024
\u20acm
\u20acm
Included within non-current assets
Equity securities
1
1,279
65
Bonds and debt securities
2
1,874
941
3,153
1,006
Included within current assets
Short-term investments:
Bonds and debt securities
3
2,139
1,201
Managed investment funds
1
3,141
2,024
5,280
3,225
Collateral assets
4
1,010
741
Other investments
5
1,134
1,126
7,424
5,092
\n
Notes:
\n
1. Items measured at a fair value, \u20ac306 million (2024: \u20ac27 million) of equity securities have a valuation basis of level 1 classification, which
\n
comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets for identical assets and
\n
liabilities. \u20ac937 million (2024: nil) of equity securities have a valuation basis level 3 classification, due to some of the inputs to the
\n
valuation model being unobservable inputs. The remaining items are measured at fair value and the basis is level 2 classification, which
\n
comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either
\n
directly or indirectly.
\n
2. Includes \u20ac913 million (2024: nil) of non-current investments in sovereign securities measured at amortised cost and a fair value of \u20ac909
\n
million (2024: nil) with a valuation basis of level 1 classification. Also includes \u20ac864 million (2024: \u20ac830 million) of items with a fair value
\n
of \u20ac788 million (2024: \u20ac810 million) with a valuation basis of level 2 classification. The fair value of the remaining balance approximates
\n
the carrying value measured at amortised cost.
\n
3. Items are measured at fair value and the valuation basis is level 1 classification.
\n
4. Items are measured at amortised cost and the carrying amount approximates fair value.
\n
5. Includes investments measured at a fair value of \u20ac365 million (2024: \u20ac459 million). The valuation basis is level 1. The remaining items
\n
are measured at amortised cost and the carrying amount approximates fair value.
\n
Equity securities that have been classified as level 3 valuation basis include \u20ac937 million (2024: nil) investments
\n
in Zegona shares. Valuation approach and sensitivity to key valuation inputs have been disclosed in note 22
\n
\u2018Capital and financial risk management\u2019. Investments in Zegona shares are measured at fair value through profit
\n
and loss, while the remaining equity securities are measured at fair value through other comprehensive income.
\n
Non-current bond securities have maturity dates in 2027 and 2028 and include \u20ac609 million (2024: \u20acnil) of
\n
German; \u20ac204 million (2024: \u20acnil) of Dutch and \u20ac100 million (2024: \u20acnil) of European Union government
\n
securities. Non-current debt securities within non-current assets include \u20ac864 million (2024: \u20ac830 million) of
\n
loan notes issued by VodafoneZiggo Holding B.V.
\n
The Group invests surplus cash positions across a portfolio of short-term investments to manage liquidity and
\n
credit risk whilst achieving suitable returns. Collateral arrangements on derivative financial instruments result in
\n
cash being paid/(held), repayable when the derivatives are settled. These assets do not meet the definition of
\n
cash and cash equivalents but are included in the Group\u2019s net debt based on their liquidity.
\n
Short-term bonds and debt securities includes \u20ac624 million (2024: \u20ac587 million) of highly liquid French; \u20acnil
\n
million (2024: \u20ac308 million) Dutch; \u20ac573 million (2024: \u20ac306 million) Japanese; \u20ac498 million (2024: \u20acnil)
\n
German and \u20ac444 million (2024: \u20acnil) Belgian government securities.
\n
Managed investment funds of \u20ac3,141 million (2024: \u20ac2,024 million) are in funds with liquidity of up to 90 days.
\n
Collateral assets of \u20ac1,010 million (2024: \u20ac741 million) represents collateral paid on derivative financial
\n
instruments.
\n
Other investments are excluded from net debt based on their liquidity and primarily consist of restricted debt
\n
securities including amounts held in qualifying assets by Group insurance companies to meet regulatory
\nrequirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00860": { "value": "Accounting policies
Other investments comprising debt and equity instruments are recognised and derecognised on settlement
\n
date and are initially measured at fair value, including transaction costs.
\n
Debt securities that are held for collection of contractual cash flows where those cash flows represent solely
\n
payments of principal and interest are measured at amortised cost using the effective interest method, less any
\n
impairment. Debt securities that do not meet the criteria for amortised cost are measured at fair value through
\n
profit and loss.
\n
Equity securities are classified and measured at fair value through other comprehensive income where the
\n
possibility of sale in the near term is considered low at the time of acquisition; other equity securities are
\n
recorded at fair value through the income statement. For equity securities valued at fair value through other
\n
comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss
\nfollowing derecognition of the investment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00859": { "value": "Other investments comprising debt and equity instruments are recognised and derecognised on settlement
date and are initially measured at fair value, including transaction costs.
\n
Debt securities that are held for collection of contractual cash flows where those cash flows represent solely
\n
payments of principal and interest are measured at amortised cost using the effective interest method, less any
\n
impairment. Debt securities that do not meet the criteria for amortised cost are measured at fair value through
\n
profit and loss.
\n
Equity securities are classified and measured at fair value through other comprehensive income where the
\n
possibility of sale in the near term is considered low at the time of acquisition; other equity securities are
\n
recorded at fair value through the income statement. For equity securities valued at fair value through other
\n
comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss
following derecognition of the investment.Trade receivables represent amounts owed by customers where the right to receive payment is conditional only
on the passage of time. Trade receivables that are recovered in instalments from customers over an extended
\n
period are discounted at market rates and interest revenue is accreted over the expected repayment period.
\n
Other trade receivables do not carry any interest and are stated at their nominal value. When the Group
\n
establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair
\n
value through other comprehensive income; all other trade receivables are recorded at amortised cost.
\n
The carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised
\n
cost is reduced by allowances for lifetime estimated credit losses. Estimated future credit losses are first
\n
recorded on the initial recognition of a receivable and are based on the ageing of the receivable balances,
\n
historical experience and forward-looking considerations. Individual balances are written off when management
deems them not to be collectible. Cash and cash equivalents comprise cash and bank deposits, and other short-term highly liquid investments that
are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Assets in money market funds, whose contractual cash flows do not represent solely payments of interest and
principal, are measured at fair value with gains and losses arising from changes in fair value included in net profit
or loss for the period. All other cash and cash equivalents are measured at amortised cost. Financial instruments
Financial assets and financial liabilities, in respect of financial instruments, are recognised on the Group\u2019s
\n
consolidated statement of financial position when the Group becomes a party to the contractual provisions of
\nthe instrument. Derivative financial instruments and hedge accounting
The Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which
\n
it manages using derivative financial instruments. The use of financial derivatives is governed by the Group\u2019s
\n
policies approved by the Board of Directors, which provide written principles on the use of financial derivatives
\n
consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments
\n
for speculative purposes.
\n
The Group designates certain derivatives as:
\n
\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\n
\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm
\n
commitments (\u2018cash flow hedges\u2019); or
\n
\u2212
hedges of net investments in foreign operations.
\n
Derivative financial instruments are initially measured at fair value on the contract date and are subsequently re-
\n
measured to fair value at each reporting date. Changes in values of all derivatives of a financing nature are
\n
included within investment income and financing costs in the income statement unless designated in an
\n
effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective
\n
portion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at
\n
the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure
\n
that an economic relationship exists between the hedged item and hedging instrument. For fair value hedges,
\n
the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk, with gains and
\n
losses recognised in the income statement.
\n
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no
\n
longer qualifies for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in
\n
other comprehensive income at that time remains in equity and is recognised in the income statement when the
\n
hedged transaction is ultimately recognised in the income statement.
\n
For cash flow hedges, when the hedged item is recognised in the income statement, amounts previously
\n
recognised in other comprehensive income and accumulated in equity for the hedging instrument are
\n
reclassified to the income statement. However, when the hedged transaction results in the recognition of a non-
\n
financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive
\n
income and accumulated in equity are transferred from equity and included in the initial measurement of the
\n
cost of the non-financial asset or non-financial liability. If a forecast transaction is no longer expected to occur,
\n
the gain or loss accumulated in equity is recognised immediately in the income statement.
\n
For net investment hedges, gains and losses accumulated in other comprehensive income are included in the
income statement when the foreign operation is disposed of. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00861": { "value": "14. Trade and other receivables
Trade and other receivables mainly consist of amounts owed to us by customers and amounts
\n
that we pay to our suppliers in advance. Derivative financial instruments with a positive market
\n
value are reported within this note as are contract assets, which represent an asset for accrued
\n
revenue in respect of goods or services delivered to customers for which a trade receivable
\n
does not yet exist, and finance lease receivables recognised where the Group acts as a lessor.
\n
See note 20 \u2018Leases\u2019 for more information on the Group\u2019s leasing activities.
\n
Accounting policies
\n
Trade receivables represent amounts owed by customers where the right to receive payment is conditional only
\n
on the passage of time. Trade receivables that are recovered in instalments from customers over an extended
\n
period are discounted at market rates and interest revenue is accreted over the expected repayment period.
\n
Other trade receivables do not carry any interest and are stated at their nominal value. When the Group
\n
establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair
\n
value through other comprehensive income; all other trade receivables are recorded at amortised cost.
\n
The carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised
\n
cost is reduced by allowances for lifetime estimated credit losses. Estimated future credit losses are first
\n
recorded on the initial recognition of a receivable and are based on the ageing of the receivable balances,
\n
historical experience and forward-looking considerations. Individual balances are written off when management
\n
deems them not to be collectible.
2025
2024
\u20acm
\u20acm
Included within non-current assets
Trade receivables
6
8
Trade receivables held at fair value through other comprehensive income
289
294
Net investment in leases
372
211
Contract assets
496
450
Contract-related costs
822
676
Other receivables
82
78
Prepayments
300
239
Derivative financial instruments
4,064
4,011
6,431
5,967
2025
2024
\u20acm
\u20acm
Included within current assets
Trade receivables
3,236
2,841
Trade receivables held at fair value through other comprehensive income
421
441
Net investment in leases
88
99
Contract assets
2,473
2,413
Contract-related costs
1,253
1,169
Amounts owed by associates and joint ventures
166
130
Other receivables
928
686
Prepayments
706
600
Derivative financial instruments
1
133
215
9,404
8,594
\n
Note:
\n
1. Includes \u20acnil (2024: \u20ac22 million) of embedded derivative option for which fair value is based on level 3 of the fair value hierarchy (see
\n
section on fair value carrying value information within note 22 \u2018Capital and financial risk management\u2019). All other items are measured at
\n
fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than
\n
quoted prices that are observable for the asset or liability, either directly or indirectly.
\n
The Group\u2019s trade receivables and contract assets are classified at amortised cost unless stated otherwise and are
\n
measured after allowances for future expected credit losses, see note 22 \u2018Capital and financial risk management\u2019
\n
for more information on credit risk.
\n
The carrying amounts of trade and other receivables, which are measured at amortised cost, approximate their
\n
fair value and are predominantly non-interest bearing.
\n
The Group\u2019s contract-related costs comprise \u20ac2,000 million (2024: \u20ac1,814 million) relating to costs incurred to
\n
obtain customer contracts and \u20ac75 million (2024: \u20ac31 million) relating to costs incurred to fulfil customer
\n
contracts; an amortisation and impairment expense, excluding discontinued operations in Spain and Italy, of
\n
\u20ac935 million (2024: \u20ac853 million) was recognised in operating profit during the year.
\n
Other than for the embedded derivative option described above, the fair values of the derivative financial
\n
instruments are calculated by discounting the future cash flows to net present values using appropriate market
\ninterest rates and foreign currency rates prevailing at 31 March.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00866": { "value": "Accounting policies
Trade receivables represent amounts owed by customers where the right to receive payment is conditional only
\n
on the passage of time. Trade receivables that are recovered in instalments from customers over an extended
\n
period are discounted at market rates and interest revenue is accreted over the expected repayment period.
\n
Other trade receivables do not carry any interest and are stated at their nominal value. When the Group
\n
establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair
\n
value through other comprehensive income; all other trade receivables are recorded at amortised cost.
\n
The carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised
\n
cost is reduced by allowances for lifetime estimated credit losses. Estimated future credit losses are first
\n
recorded on the initial recognition of a receivable and are based on the ageing of the receivable balances,
\n
historical experience and forward-looking considerations. Individual balances are written off when management
\ndeems them not to be collectible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00867": { "value": "Accounting policies
Trade receivables represent amounts owed by customers where the right to receive payment is conditional only
\n
on the passage of time. Trade receivables that are recovered in instalments from customers over an extended
\n
period are discounted at market rates and interest revenue is accreted over the expected repayment period.
\n
Other trade receivables do not carry any interest and are stated at their nominal value. When the Group
\n
establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair
\n
value through other comprehensive income; all other trade receivables are recorded at amortised cost.
\n
The carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised
\n
cost is reduced by allowances for lifetime estimated credit losses. Estimated future credit losses are first
\n
recorded on the initial recognition of a receivable and are based on the ageing of the receivable balances,
\n
historical experience and forward-looking considerations. Individual balances are written off when management
\ndeems them not to be collectible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00905": { "value": "Accounting policies
Trade receivables represent amounts owed by customers where the right to receive payment is conditional only
\n
on the passage of time. Trade receivables that are recovered in instalments from customers over an extended
\n
period are discounted at market rates and interest revenue is accreted over the expected repayment period.
\n
Other trade receivables do not carry any interest and are stated at their nominal value. When the Group
\n
establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair
\n
value through other comprehensive income; all other trade receivables are recorded at amortised cost.
\n
The carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised
\n
cost is reduced by allowances for lifetime estimated credit losses. Estimated future credit losses are first
\n
recorded on the initial recognition of a receivable and are based on the ageing of the receivable balances,
\n
historical experience and forward-looking considerations. Individual balances are written off when management
\ndeems them not to be collectible. Accounting policies Trade payables are not interest-bearing and are stated at their nominal value.Accounting policies
Cash and cash equivalents comprise cash and bank deposits, and other short-term highly liquid investments that
are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Assets in money market funds, whose contractual cash flows do not represent solely payments of interest and
principal, are measured at fair value with gains and losses arising from changes in fair value included in net profit
or loss for the period. All other cash and cash equivalents are measured at amortised cost. Accounting policies
As a lessee
When the Group leases an asset, a \u2018right-of-use asset\u2019 is recognised for the leased item and a lease liability is
recognised for any lease payments to be paid over the lease term at the lease commencement date. The right-
of-use asset is initially measured at cost, being the present value of the lease payments paid or payable, plus any
initial direct costs incurred in entering the lease and less any lease incentives received.
Right-of-use assets are depreciated on a straight-line basis from the commencement date to the earlier of the
end of the asset\u2019s useful life or the end of the lease term. The lease term is the non-cancellable period of the
lease plus any periods for which the Group is \u2018reasonably certain\u2019 to exercise any extension options (see below).
The useful life of the asset is determined in a manner consistent to that for owned property, plant and equipment
(as described in note 11 \u2018Property, plant and equipment\u2019). If right-of-use assets are considered to be impaired, the
carrying value is reduced accordingly.
Lease liabilities are initially measured at the present value of the lease payments over the lease term that are not
paid at the commencement date and are usually discounted using the incremental borrowing rates of the
applicable Group entity for the relevant maturity (the rate implicit in the lease is used if it is readily determinable).
Lease payments included in the lease liability include both fixed payments and in-substance fixed payments
during the term of the lease.
After initial recognition, the lease liability is recorded at amortised cost using the effective interest rate method. It
is remeasured when there is a change in future lease payments arising from a change in an index or rate (e.g. an
inflation related increase) or if the Group\u2019s assessment of the lease term changes; any changes in the lease
liability as a result of these changes also results in a corresponding change in the recorded right-of-use asset
unless the right-of-use asset is reduced to zero in which case the remaining amount of the remeasurement is
recognised in profit or loss.
Lease modifications that increase the scope of a lease by adding the right to use one or more underlying assets
in return for consideration commensurate with the stand-alone price for the additional lease components are
treated as separate leases. If a lease modification decreases the scope of the lease, the Group remeasures both
the right-of-use asset and the lease liability and recognises any gain or loss in profit or loss. Other lease
modifications result in a remeasurement of the lease liability with an adjustment to the right-of-use asset.
Remeasured lease liabilities are discounted at the modification date using a current discount rate.
As a lessor
Where the Group is a lessor, it determines at inception whether the lease is a finance or an operating lease. When
a lease transfers substantially all the risks and rewards of ownership of the underlying asset then the lease is a
finance lease; otherwise the lease is an operating lease.
\n\n
Where the Group is an intermediate lessor, the interests in the head lease and the sublease are accounted for
\n
separately and the lease classification of a sublease is determined by reference to the right-of-use asset arising
\n
from the head lease.
\n
Income from operating leases is recognised on a straight-line basis over the lease term. Income from finance
\n
leases is recognised at lease commencement with any interest income recognised over the lease term.
\n
Lease income is recognised as revenue for transactions that are part of the Group\u2019s ordinary activities (i.e.
\n
primarily leases of handsets or other equipment to customers, leases of wholesale access to the Group\u2019s fibre
\n
and cable networks and leases of tower infrastructure assets). The Group uses IFRS 15 principles to allocate the
\nconsideration in contracts between any lease and non-lease components. Accounting policies
Interest-bearing bonds, loans and overdrafts are initially measured at fair value (which is equal to cost at
\n
inception), and are subsequently measured at amortised cost, using the effective interest rate method. Where
\n
they are identified as a hedged item in a designated fair value hedge relationship, fair value adjustments are
\n
recognised in accordance with our policy (see note 22 \u2018Capital and financial risk management\u2019). Any difference
\n
between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings
\nis recognised over the term of the borrowing. Accounting policies
Financial instruments
\n
Financial assets and financial liabilities, in respect of financial instruments, are recognised on the Group\u2019s
\n
consolidated statement of financial position when the Group becomes a party to the contractual provisions of
\n
the instrument.
\n
Financial liabilities and equity instruments
\n
Financial liabilities and equity instruments issued by the Group are classified according to the substance of the
\n
contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An
\n
equity instrument is any contract that provides a residual interest in the assets of the Group after deducting all of
\n
its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted
\n
for specific financial liabilities and equity instruments are set out below.
\n
Derivative financial instruments and hedge accounting
\n
The Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which
\n
it manages using derivative financial instruments. The use of financial derivatives is governed by the Group\u2019s
\n
policies approved by the Board of Directors, which provide written principles on the use of financial derivatives
\n
consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments
\n
for speculative purposes.
\n
The Group designates certain derivatives as:
\n
\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\n
\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm
\n
commitments (\u2018cash flow hedges\u2019); or
\n
\u2212
hedges of net investments in foreign operations.
\n
Derivative financial instruments are initially measured at fair value on the contract date and are subsequently re-
\n
measured to fair value at each reporting date. Changes in values of all derivatives of a financing nature are
\n
included within investment income and financing costs in the income statement unless designated in an
\n
effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective
\n
portion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at
\n
the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure
\n
that an economic relationship exists between the hedged item and hedging instrument. For fair value hedges,
\n
the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk, with gains and
\n
losses recognised in the income statement.
\n
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no
\n
longer qualifies for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in
\n
other comprehensive income at that time remains in equity and is recognised in the income statement when the
\n
hedged transaction is ultimately recognised in the income statement.
\n
For cash flow hedges, when the hedged item is recognised in the income statement, amounts previously
\n
recognised in other comprehensive income and accumulated in equity for the hedging instrument are
\n
reclassified to the income statement. However, when the hedged transaction results in the recognition of a non-
\n
financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive
\n
income and accumulated in equity are transferred from equity and included in the initial measurement of the
\n
cost of the non-financial asset or non-financial liability. If a forecast transaction is no longer expected to occur,
\n
the gain or loss accumulated in equity is recognised immediately in the income statement.
\n
For net investment hedges, gains and losses accumulated in other comprehensive income are included in the
\nincome statement when the foreign operation is disposed of. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00862": { "value": "
2025
2024
\u20acm
\u20acm
Included within non-current assets
Trade receivables
6
8
Trade receivables held at fair value through other comprehensive income
289
294
Net investment in leases
372
211
Contract assets
496
450
Contract-related costs
822
676
Other receivables
82
78
Prepayments
300
239
Derivative financial instruments
4,064
4,011
6,431
5,967
2025
2024
\u20acm
\u20acm
Included within current assets
Trade receivables
3,236
2,841
Trade receivables held at fair value through other comprehensive income
421
441
Net investment in leases
88
99
Contract assets
2,473
2,413
Contract-related costs
1,253
1,169
Amounts owed by associates and joint ventures
166
130
Other receivables
928
686
Prepayments
706
600
Derivative financial instruments
1
133
215
9,404
8,594
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00863": { "value": "
2025
2024
\u20acm
\u20acm
Included within non-current assets
Trade receivables
6
8
Trade receivables held at fair value through other comprehensive income
289
294
Net investment in leases
372
211
Contract assets
496
450
Contract-related costs
822
676
Other receivables
82
78
Prepayments
300
239
Derivative financial instruments
4,064
4,011
6,431
5,967
2025
2024
\u20acm
\u20acm
Included within current assets
Trade receivables
3,236
2,841
Trade receivables held at fair value through other comprehensive income
421
441
Net investment in leases
88
99
Contract assets
2,473
2,413
Contract-related costs
1,253
1,169
Amounts owed by associates and joint ventures
166
130
Other receivables
928
686
Prepayments
706
600
Derivative financial instruments
1
133
215
9,404
8,594
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00864": { "value": "
2025
2024
\u20acm
\u20acm
Included within non-current assets
Trade receivables
6
8
Trade receivables held at fair value through other comprehensive income
289
294
Net investment in leases
372
211
Contract assets
496
450
Contract-related costs
822
676
Other receivables
82
78
Prepayments
300
239
Derivative financial instruments
4,064
4,011
6,431
5,967
2025
2024
\u20acm
\u20acm
Included within current assets
Trade receivables
3,236
2,841
Trade receivables held at fair value through other comprehensive income
421
441
Net investment in leases
88
99
Contract assets
2,473
2,413
Contract-related costs
1,253
1,169
Amounts owed by associates and joint ventures
166
130
Other receivables
928
686
Prepayments
706
600
Derivative financial instruments
1
133
215
9,404
8,594
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00865": { "value": "The Group\u2019s trade receivables and contract assets are classified at amortised cost unless stated otherwise and are
measured after allowances for future expected credit losses, see note 22 \u2018Capital and financial risk management\u2019
\nfor more information on credit risk. Operating activities
Customer credit risk is managed by the Group\u2019s business units which each have policies, procedures and controls
\n
relating to customer credit risk management. Outstanding trade receivables and contract assets are regularly
\n
reviewed to monitor any changes in credit risk with concentrations of credit risk considered to be limited given
\n
that the Group\u2019s customer base is large and unrelated. The Group applies the simplified approach and records
\n
lifetime expected credit losses for trade receivables and contract assets. Expected credit losses are measured
\n
using historical cash collection data for periods of at least 24 months wherever possible and grouped into various
\n
customer segments based on product or customer type. The historical loss rates are adjusted where
\n
macroeconomic factors, for example changes in interest rates or unemployment rates, or other commercial
\n
factors are expected to have a significant impact when determining future expected credit loss rates.
\n
For trade receivables the expected credit loss provision is calculated using a provision matrix, in which the
\n
provision increases as balances age, and for receivables paid in instalments and contract assets a weighted loss
\n
rate is calculated to reflect the period over which the amounts become due for payment by the customer. Trade
\n
receivables and contract assets are written off when each business unit determines there to be no reasonable
\n
expectation of recovery and enforcement activity has ceased.
\n
Movements in the allowance for expected credit losses during the year were as follows:
Trade receivables held
Trade receivables held
at fair value through
Contract assets
at amortised cost
other comprehensive income
2025
2024
2025
2024
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April
20
78
765
1,149
78
71
Exchange movements
1
(1)
(7)
(41)
\u2013
1
Amounts charged to credit losses
on financial assets
85
96
360
419
31
82
Transfer of assets held for sale
\u2013
(31)
\u2013
(324)
\u2013
(16)
Other
1
(60)
(122)
(253)
(438)
(32)
(60)
31 March
46
20
865
765
77
78
\n
Note:
\n
1. Primarily utilisation of the provision by way of write-off.
\n
Expected credit losses are presented as net credit losses on financial assets within operating profit and
\n
subsequent recoveries of amounts previously written off are credited against the same line item.
\n
The majority of the Group\u2019s trade receivables are due for maturity within 90 days and largely comprise amounts
\n
receivable from consumers and business customers. The table below presents information on trade receivables
\n
past due\u00b9 and their associated expected credit losses:
Trade receivables at amortised cost past due
30 days
31\u201360
61\u2013180
180
Due
or less
days
days
days+
Total
31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Gross carrying amount
2,553
400
134
284
736
4,107
Expected credit loss allowance
(67)
(59)
(27)
(129)
(583)
(865)
Net carrying amount
2,486
341
107
155
153
3,242
Trade receivables at amortised cost past due
30 days
31\u201360
61\u2013180
180
Due
or less
days
days
days+
Total
31 March 2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Gross carrying amount
2,199
347
122
308
638
3,614
Expected credit loss allowance
(52)
(56)
(26)
(111)
(520)
(765)
Net carrying amount
2,147
291
96
197
118
2,849
\n
Note:
\n
1. Contract assets relate to amounts not yet due from customers. These amounts will be reclassified as trade receivables before they
become due. Trade receivables at fair value through other comprehensive income are not materially past due. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00868": { "value": "15. Trade and other payables
Trade and other payables mainly consist of amounts owed to suppliers that have been
\n
invoiced or are accrued and contract liabilities relating to consideration received from
\n
customers in advance. They also include taxes and social security amounts due in relation to
\n
the Group\u2019s role as an employer. Derivative financial instruments with a negative market value
\n
are reported within this note.
\n
Accounting policies
\n
Trade payables are not interest-bearing and are stated at their nominal value.
2025
2024
\u20acm
\u20acm
Included within non-current liabilities
Other payables
245
222
Insurance liabilities
226
254
Accruals
40
41
Contract liabilities
812
343
Derivative financial instruments
1
1,824
1,468
3,147
2,328
Included within current liabilities
Trade payables
2
6,157
5,613
Amounts owed to associates and joint ventures
332
346
Other taxes and social security payable
846
887
Other payables
1,038
846
Insurance liabilities
54
48
Accruals
3
4,138
4,037
Contract liabilities
1,416
1,565
Derivative financial instruments
1
82
56
14,063
13,398
\n
Notes:
\n
1. Items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined
\n
from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.
\n
2. Included in Trade payables are invoices that are registered for the Group\u2019s supply chain financing programme of \u20ac2,198 million (1 April
\n
2024: \u20ac1,772 million); suppliers had drawn early payments of \u20ac1,443 million relating to these invoices at 31 March 2025.
\n
3. Includes \u20ac132 million (2024: \u20acnil) payable in relation to the irrevocable and non-discretionary share buyback programme announced in
\n
February 2025.
\n
The carrying amounts of trade and other payables approximate their fair value.
\n
Materially all of the \u20ac1,565 million recorded as current contract liabilities at 1 April 2024 was recognised as
\n
revenue during the year.
\n
Insurance liabilities included within non-current liabilities include \u20ac226 million (2024: \u20ac254 million) in respect of
\n
the re-insurance of a third party annuity policy related to the Vodafone and CWW Sections of the Vodafone UK
\n
Group Pension Scheme.
\n
The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net
\n
present values using appropriate market interest rates and foreign currency rates prevailing at 31 March.
\n
Supplier financing arrangements
\n
Trade payables
\n
The Group evaluates supplier arrangements against a number of indicators to assess if the payable continues to
\n
hold the characteristics of a trade payable or should be classified as borrowings; these indicators include whether
\n
the payment terms exceed the shorter of customary payment terms in the industry or 180 days. At 31 March
\n
2025, none of the payables subject to supplier financing arrangements met the criteria to be reclassified as
\n
borrowings.
\n
Supply chain financing arrangements
\n
The Group offers eligible suppliers the opportunity to use supply chain financing (\u2018SCF\u2019), allowing suppliers that
\n
decide to use it to receive payment earlier than the invoice due date. The Group does not provide any financial
\n
guarantees to the financial institutions that run the SCF programme and continues to cash settle supplier
\n
payables in accordance with their contractual terms.
\n
The Group does not use the SCF programme to extend its payments terms with suppliers except for \u20ac148 million
\n
of Trade payables for which the Group has extended payment terms from 30 to 90 days (31 March 2024: \u20acnil) via
\n
the use of reverse factoring.
\n
Payment terms
\n
The Group has a range of payment terms up to 180 days for both SCF and non-SCF invoices. The majority of non-
SCF and SCF invoices by value are payable under 30 and 90 days respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00874": { "value": "Accounting policies Trade payables are not interest-bearing and are stated at their nominal value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00875": { "value": "Accounting policies Trade payables are not interest-bearing and are stated at their nominal value.As a lessee
When the Group leases an asset, a \u2018right-of-use asset\u2019 is recognised for the leased item and a lease liability is
recognised for any lease payments to be paid over the lease term at the lease commencement date. The right-
of-use asset is initially measured at cost, being the present value of the lease payments paid or payable, plus any
initial direct costs incurred in entering the lease and less any lease incentives received.
Right-of-use assets are depreciated on a straight-line basis from the commencement date to the earlier of the
end of the asset\u2019s useful life or the end of the lease term. The lease term is the non-cancellable period of the
lease plus any periods for which the Group is \u2018reasonably certain\u2019 to exercise any extension options (see below).
The useful life of the asset is determined in a manner consistent to that for owned property, plant and equipment
(as described in note 11 \u2018Property, plant and equipment\u2019). If right-of-use assets are considered to be impaired, the
carrying value is reduced accordingly.
Lease liabilities are initially measured at the present value of the lease payments over the lease term that are not
paid at the commencement date and are usually discounted using the incremental borrowing rates of the
applicable Group entity for the relevant maturity (the rate implicit in the lease is used if it is readily determinable).
Lease payments included in the lease liability include both fixed payments and in-substance fixed payments
during the term of the lease.
After initial recognition, the lease liability is recorded at amortised cost using the effective interest rate method. It
is remeasured when there is a change in future lease payments arising from a change in an index or rate (e.g. an
inflation related increase) or if the Group\u2019s assessment of the lease term changes; any changes in the lease
liability as a result of these changes also results in a corresponding change in the recorded right-of-use asset
unless the right-of-use asset is reduced to zero in which case the remaining amount of the remeasurement is
recognised in profit or loss.
Lease modifications that increase the scope of a lease by adding the right to use one or more underlying assets
in return for consideration commensurate with the stand-alone price for the additional lease components are
treated as separate leases. If a lease modification decreases the scope of the lease, the Group remeasures both
the right-of-use asset and the lease liability and recognises any gain or loss in profit or loss. Other lease
modifications result in a remeasurement of the lease liability with an adjustment to the right-of-use asset.
Remeasured lease liabilities are discounted at the modification date using a current discount rate. Accounting policies
Interest-bearing bonds, loans and overdrafts are initially measured at fair value (which is equal to cost at
\n
inception), and are subsequently measured at amortised cost, using the effective interest rate method. Where
\n
they are identified as a hedged item in a designated fair value hedge relationship, fair value adjustments are
\n
recognised in accordance with our policy (see note 22 \u2018Capital and financial risk management\u2019). Any difference
\n
between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings
\nis recognised over the term of the borrowing. Accounting policies
Financial instruments
\n
Financial assets and financial liabilities, in respect of financial instruments, are recognised on the Group\u2019s
\n
consolidated statement of financial position when the Group becomes a party to the contractual provisions of
\n
the instrument.
\n
Financial liabilities and equity instruments
\n
Financial liabilities and equity instruments issued by the Group are classified according to the substance of the
\n
contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An
\n
equity instrument is any contract that provides a residual interest in the assets of the Group after deducting all of
\n
its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted
\n
for specific financial liabilities and equity instruments are set out below.
\n
Derivative financial instruments and hedge accounting
\n
The Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which
\n
it manages using derivative financial instruments. The use of financial derivatives is governed by the Group\u2019s
\n
policies approved by the Board of Directors, which provide written principles on the use of financial derivatives
\n
consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments
\n
for speculative purposes.
\n
The Group designates certain derivatives as:
\n
\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\n
\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm
\n
commitments (\u2018cash flow hedges\u2019); or
\n
\u2212
hedges of net investments in foreign operations.
\n
Derivative financial instruments are initially measured at fair value on the contract date and are subsequently re-
\n
measured to fair value at each reporting date. Changes in values of all derivatives of a financing nature are
\n
included within investment income and financing costs in the income statement unless designated in an
\n
effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective
\n
portion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at
\n
the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure
\n
that an economic relationship exists between the hedged item and hedging instrument. For fair value hedges,
\n
the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk, with gains and
\n
losses recognised in the income statement.
\n
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no
\n
longer qualifies for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in
\n
other comprehensive income at that time remains in equity and is recognised in the income statement when the
\n
hedged transaction is ultimately recognised in the income statement.
\n
For cash flow hedges, when the hedged item is recognised in the income statement, amounts previously
\n
recognised in other comprehensive income and accumulated in equity for the hedging instrument are
\n
reclassified to the income statement. However, when the hedged transaction results in the recognition of a non-
\n
financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive
\n
income and accumulated in equity are transferred from equity and included in the initial measurement of the
\n
cost of the non-financial asset or non-financial liability. If a forecast transaction is no longer expected to occur,
\n
the gain or loss accumulated in equity is recognised immediately in the income statement.
\n
For net investment hedges, gains and losses accumulated in other comprehensive income are included in the
\nincome statement when the foreign operation is disposed of. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00869": { "value": "
2025
2024
\u20acm
\u20acm
Included within non-current liabilities
Other payables
245
222
Insurance liabilities
226
254
Accruals
40
41
Contract liabilities
812
343
Derivative financial instruments
1
1,824
1,468
3,147
2,328
Included within current liabilities
Trade payables
2
6,157
5,613
Amounts owed to associates and joint ventures
332
346
Other taxes and social security payable
846
887
Other payables
1,038
846
Insurance liabilities
54
48
Accruals
3
4,138
4,037
Contract liabilities
1,416
1,565
Derivative financial instruments
1
82
56
14,063
13,398
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00870": { "value": "
2025
2024
\u20acm
\u20acm
Included within non-current liabilities
Other payables
245
222
Insurance liabilities
226
254
Accruals
40
41
Contract liabilities
812
343
Derivative financial instruments
1
1,824
1,468
3,147
2,328
Included within current liabilities
Trade payables
2
6,157
5,613
Amounts owed to associates and joint ventures
332
346
Other taxes and social security payable
846
887
Other payables
1,038
846
Insurance liabilities
54
48
Accruals
3
4,138
4,037
Contract liabilities
1,416
1,565
Derivative financial instruments
1
82
56
14,063
13,398
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00871": { "value": "
2025
2024
\u20acm
\u20acm
Included within non-current liabilities
Other payables
245
222
Insurance liabilities
226
254
Accruals
40
41
Contract liabilities
812
343
Derivative financial instruments
1
1,824
1,468
3,147
2,328
Included within current liabilities
Trade payables
2
6,157
5,613
Amounts owed to associates and joint ventures
332
346
Other taxes and social security payable
846
887
Other payables
1,038
846
Insurance liabilities
54
48
Accruals
3
4,138
4,037
Contract liabilities
1,416
1,565
Derivative financial instruments
1
82
56
14,063
13,398
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00872": { "value": "
2025
2024
\u20acm
\u20acm
Included within non-current liabilities
Other payables
245
222
Insurance liabilities
226
254
Accruals
40
41
Contract liabilities
812
343
Derivative financial instruments
1
1,824
1,468
3,147
2,328
Included within current liabilities
Trade payables
2
6,157
5,613
Amounts owed to associates and joint ventures
332
346
Other taxes and social security payable
846
887
Other payables
1,038
846
Insurance liabilities
54
48
Accruals
3
4,138
4,037
Contract liabilities
1,416
1,565
Derivative financial instruments
1
82
56
14,063
13,398
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00873": { "value": "
2025
2024
\u20acm
\u20acm
Included within non-current liabilities
Other payables
245
222
Insurance liabilities
226
254
Accruals
40
41
Contract liabilities
812
343
Derivative financial instruments
1
1,824
1,468
3,147
2,328
Included within current liabilities
Trade payables
2
6,157
5,613
Amounts owed to associates and joint ventures
332
346
Other taxes and social security payable
846
887
Other payables
1,038
846
Insurance liabilities
54
48
Accruals
3
4,138
4,037
Contract liabilities
1,416
1,565
Derivative financial instruments
1
82
56
14,063
13,398
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00876": { "value": "16. Provisions
A provision is a liability recorded in the Consolidated statement of financial position, where
\n
there is uncertainty over the timing or amount that will be paid, and is therefore often
\n
estimated. The main provisions we hold are in relation to asset retirement obligations, which
\n
include the cost of returning network infrastructure sites to their original condition at the end
\n
of the lease and claims for legal and regulatory matters.
\n
Accounting policies
\n
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past
\n
event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made
\n
of the amount of the obligation. Provisions are measured based on the best estimate of the expenditure required
\n
to settle the obligation at the reporting date and are discounted to present value where the effect is material.
\n
Where the timing of settlement is uncertain amounts are classified as non-current where settlement is expected
\n
more than 12 months from the reporting date.
\n
Asset retirement obligations
\n
In the course of the Group\u2019s activities, a number of sites and other assets are utilised which are expected to have
\n
costs associated with decommissioning. The associated cash outflows are substantially expected to occur at the
\n
dates of decommissioning of the assets to which they relate, and are long term in nature.
\n
Legal and regulatory
\n
The Group is involved in a number of legal and other disputes, including where the Group has received
\n
notifications of possible claims. The Directors of the Company, after taking legal advice, have established
\n
provisions considering the facts of each case. For a discussion of certain legal issues potentially affecting the
\n
Group see note 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial statements.
\n
Restructuring
\n
The Group undertakes periodic reviews of its operations and recognises provisions as required based on the
\n
outcomes of these reviews. The associated cash outflows for restructuring costs are primarily less than one year.
\n
Other
\n
Comprises various items that do not fall within the Group\u2019s other categories of provisions.
\n
The table below is a summary of provisions by type and between current and non-current amounts.
Asset
retirement
Legal and
obligations
regulatory
Restructuring
Other
Total
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2023
1,030
430
508
278
2,246
Exchange movements
(7)
(24)
3
(3)
(31)
Amounts capitalised in the year
146
\u2013
\u2013
\u2013
146
Amounts charged to the income statement
\u2013
162
774
206
1,142
Utilised in the year - payments
(54)
(72)
(290)
(116)
(532)
Amounts released to the income statement
(5)
(131)
(7)
(43)
(186)
Transfer to liabilities held for sale
(177)
(96)
(46)
(31)
(350)
Other
\u2013
\u2013
\u2013
13
13
31 March 2024
933
269
942
304
2,448
Exchange movements
2
(12)
1
(1)
(10)
Amounts capitalised in the year
71
\u2013
\u2013
\u2013
71
Amounts charged to the income statement
\u2013
85
133
280
498
Utilised in the year - payments
(38)
(46)
(238)
(108)
(430)
Amounts released to the income statement
(9)
(21)
(7)
(44)
(81)
31 March 2025
959
275
831
431
2,496
Asset
retirement
Legal and
obligations
regulatory
Restructuring
Other
Total
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Current liabilities
56
222
478
310
1,066
Non-current liabilities
903
53
353
121
1,430
31 March 2025
959
275
831
431
2,496
Asset
retirement
Legal and
obligations
regulatory
Restructuring
Other
Total
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Current liabilities
59
232
361
181
833
Non-current liabilities
874
37
581
123
1,615
31 March 2024
933
269
942
304
2,448
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00877": { "value": "16. Provisions
A provision is a liability recorded in the Consolidated statement of financial position, where
\n
there is uncertainty over the timing or amount that will be paid, and is therefore often
\n
estimated. The main provisions we hold are in relation to asset retirement obligations, which
\n
include the cost of returning network infrastructure sites to their original condition at the end
\n
of the lease and claims for legal and regulatory matters.
\n
Accounting policies
\n
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past
\n
event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made
\n
of the amount of the obligation. Provisions are measured based on the best estimate of the expenditure required
\n
to settle the obligation at the reporting date and are discounted to present value where the effect is material.
\n
Where the timing of settlement is uncertain amounts are classified as non-current where settlement is expected
\n
more than 12 months from the reporting date.
\n
Asset retirement obligations
\n
In the course of the Group\u2019s activities, a number of sites and other assets are utilised which are expected to have
\n
costs associated with decommissioning. The associated cash outflows are substantially expected to occur at the
\n
dates of decommissioning of the assets to which they relate, and are long term in nature.
\n
Legal and regulatory
\n
The Group is involved in a number of legal and other disputes, including where the Group has received
\n
notifications of possible claims. The Directors of the Company, after taking legal advice, have established
\n
provisions considering the facts of each case. For a discussion of certain legal issues potentially affecting the
\n
Group see note 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial statements.
\n
Restructuring
\n
The Group undertakes periodic reviews of its operations and recognises provisions as required based on the
\n
outcomes of these reviews. The associated cash outflows for restructuring costs are primarily less than one year.
\n
Other
\n
Comprises various items that do not fall within the Group\u2019s other categories of provisions.
\n
The table below is a summary of provisions by type and between current and non-current amounts.
Asset
retirement
Legal and
obligations
regulatory
Restructuring
Other
Total
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2023
1,030
430
508
278
2,246
Exchange movements
(7)
(24)
3
(3)
(31)
Amounts capitalised in the year
146
\u2013
\u2013
\u2013
146
Amounts charged to the income statement
\u2013
162
774
206
1,142
Utilised in the year - payments
(54)
(72)
(290)
(116)
(532)
Amounts released to the income statement
(5)
(131)
(7)
(43)
(186)
Transfer to liabilities held for sale
(177)
(96)
(46)
(31)
(350)
Other
\u2013
\u2013
\u2013
13
13
31 March 2024
933
269
942
304
2,448
Exchange movements
2
(12)
1
(1)
(10)
Amounts capitalised in the year
71
\u2013
\u2013
\u2013
71
Amounts charged to the income statement
\u2013
85
133
280
498
Utilised in the year - payments
(38)
(46)
(238)
(108)
(430)
Amounts released to the income statement
(9)
(21)
(7)
(44)
(81)
31 March 2025
959
275
831
431
2,496
Asset
retirement
Legal and
obligations
regulatory
Restructuring
Other
Total
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Current liabilities
56
222
478
310
1,066
Non-current liabilities
903
53
353
121
1,430
31 March 2025
959
275
831
431
2,496
Asset
retirement
Legal and
obligations
regulatory
Restructuring
Other
Total
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Current liabilities
59
232
361
181
833
Non-current liabilities
874
37
581
123
1,615
31 March 2024
933
269
942
304
2,448
29. Contingent liabilities and legal proceedings
Contingent liabilities are potential future cash outflows, where the likelihood of payment is
considered more than remote, but is not considered probable or cannot be measured reliably.
2025
2024
\u20acm
\u20acm
Performance and payment bonds
1
1,313
1,399
Note:
1. Performance bonds require the Group to make payments to third parties in the event that the Group does not perform what is expected of it
under the terms of any related contracts or commercial arrangements.
UK pension schemes
The Group\u2019s main defined benefit plan is the Vodafone UK Group Pension Scheme (\u2018Vodafone UK plan\u2019) which has
two segregated sections, the Vodafone Section and the CWW Section, as detailed in note 25 \u2018Post employment
benefits\u2019.
The Group has covenanted to provide security in favour of both the Vodafone Section and CWW Section when they
are in a deficit position. The deficit is measured on a prescribed basis agreed between the Group and the Trustee,
which differs from the IAS 19 accounting basis or the funding basis per the triennial actuarial valuation reported in
note 25 \u2018Post employment benefits\u2019. Consequently, the future level of security may vary in line with movements in
the Vodafone UK plan deficit. The Group provides surety bonds as the security.
As at 31 March 2025, the Vodafone UK plan holds security over \u20ac119 million (notional value) for the Vodafone
Section and no security is currently required for the CWW Section. The security may be substituted either on a
voluntary or mandatory basis. The Company has also provided two guarantees to the Vodafone Section of the
Vodafone UK plan for a combined value up to \u20ac1.49 billion to provide security over the deficit under certain defined
circumstances, including insolvency of the employers. The Company has also agreed a similar guarantee of up to
\u20ac1.49 billion for the CWW Section.
An additional smaller UK defined benefit plan, the THUS Plc Group Scheme, has a guarantee from the Company for
up to \u20ac119 million.
\n
Vodafone Idea
\n
As part of the agreement to merge Vodafone India and Idea Cellular in 2017, the parties agreed a mechanism for
\n
payments between the Group and Vodafone Idea Limited (\u2018VIL\u2019) pursuant to the difference between the
\n
crystallisation of certain identified contingent liabilities in relation to legal, regulatory, tax and other matters, and
\n
refunds relating to Vodafone India and Idea Cellular (the
\u2018CLAM indemnity\u2019).
Cash payments or cash receipts relating
\n
to these matters must have been made or received by VIL before any amount becomes due from or owed to the
\n
Group. Any future payments by the Group to VIL as a result of this agreement would only be made after satisfaction
\n
of this and other contractual conditions.
The Group\u2019s maximum potential exposure under this mechanism is capped
\n
at INR 64 billion (\u20ac695 million).
\n
The final liability calculation date under the CLAM indemnity has been agreed to be extended to 30 September
\n
2025. No further cash payments are considered probable from the Group as at 31 March 2025.
\n
The carrying value of the Group\u2019s investment in VIL is \u20acnil and the Group is recording no further share of losses in
\n
respect of VIL. The Group\u2019s potential exposure to liabilities within VIL is capped by the mechanism described above;
\n
consequently, contingent liabilities arising from litigation in India concerning the operations of Vodafone India are
\n
not reported.
\n
Indus Towers
\n
Under the terms of the Indus and Bharti Infratel merger in November 2020, a security package was agreed for the
\n
benefit of the newly created merged entity, Indus Towers, which could be invoked in the event that VIL was unable
\n
to make payments to Indus Towers for the use of towers space. The remaining element of the security package at 31
\n
March 2024 was a secondary pledge over the shares owned by Vodafone Group in Indus Towers, ranking behind
\n
Vodafone\u2019s existing lenders for the outstanding bank borrowings of \u20ac1.7 billion as at 31 March 2024 secured against
\n
Indian assets (\u2018the bank borrowings\u2019), with a maximum liability cap of INR 42.5 billion (\u20ac472 million).
In the event of
\n
non-payment of relevant liabilities by VIL, Indus Towers had recourse to any secondary pledged shares, after
\n
repayment of the bank borrowings in full, up to the value of the liability cap.
\n
The Group disposed of its investment in Indus Towers in two tranches during June and December 2024 (see note 12
\n
\u2018Associates and joint arrangements\u2019).
Following the sales the bank borrowings were fully repaid and, in January 2025,
\n
surplus proceeds of INR 19.1 billion (\u20ac207 million) were invested in newly issued VIL equity, which VIL immediately
\n
used to partially settle outstanding MSA obligations to Indus Towers resulting in the release of the secondary
\n
pledge.
\n
Legal proceedings
\n
The Group is currently involved in a number of legal proceedings, including inquiries from, or discussions with,
\n
government authorities that are incidental to its operations.
\n
Legal proceedings where the Group considers that the likelihood of material future outflows of cash or other
\n
resources is more than remote are disclosed below. Where the Group assesses that it is probable that the outcome
\n
of legal proceedings will result in a financial outflow, and a reliable estimate can be made of the amount of that
\n
obligation, a provision is recognised for these amounts.
\n
In all cases, determining the probability of successfully defending a claim against the Group involves the application
\n
of judgement as the outcome is inherently uncertain. The determination of the value of any future outflows of cash
\n
or other resources, and the timing of such outflows, involves the use of estimates. The costs incurred in complex
\n
legal proceedings, regardless of outcome, can be significant.
\n
The Group is not involved in any material proceedings in which any of the Group\u2019s Directors, members of senior
\n
management or affiliates are either a party adverse to the Group or have a material interest adverse to the Group.
\n
Tax cases
\n
VISPL tax claims
\n
Vodafone India Services Private Limited (\u2018VISPL\u2019) has outstanding tax disputes with the Indian tax authorities
\n
predominantly relating to Vodafone\u2019s acquisition of Hutchison Essar (later renamed as Vodafone India Limited)
\n
covering five assessment years between 2008-09 and 2014-15. The total value of the tax authority claims for
\n
those assessment years as at 31 March 2024 was approximately \u20ac468 million plus interest, and penalties of up to
\n
300% of the principal.
\n
VISPL is taking part in a tax amnesty scheme to resolve these tax disputes. As part of this scheme, in February
\n
2025, VISPL made a payment of \u20ac130 million to the Indian tax authorities
for assessment year 2008-09. For the
\n
other assessment years, once multiple tax credits, offsets and all tax technical issues have been resolved for the
\n
different assessment years, we anticipate VISPL will obtain a net repayment
of \u20ac13 million. The amnesty gives
\n
rise to an income statement tax charge of \u20ac185 million due to tax deposits previously held as recoverable assets
\n
being written-off.
\n
Netherlands tax case
\n
Vodafone Europe BV (\u2018VEBV\u2019) received assessments totalling \u20ac267 million in tax and interest from the Dutch tax
\n
authorities, who challenged the application of the arm\u2019s length principle in relation to various intra-group
financing
\n
transactions. VEBV appealed against these assessments to the District Court of the Hague where a hearing was held
\n
in March 2023. The District Court issued its judgement in July 2023, upholding VEBV\u2019s appeal in relation to the
\n
majority of issues and requiring the Dutch tax authorities to significantly reduce its assessments. VEBV and the Dutch
\n
tax authorities subsequently appealed the District Court\u2019s judgement before the Court of Appeal of The Hague
\n
where the appeal hearing was held in February 2025. A decision is expected during summer 2025.
\n
The Group continues to believe it has robust defences but
has recorded a provision of \u20ac26 million for tax and
\n
accrued interest reflecting the July 2023 judgement and the Group\u2019s current view of the probable financial outflow
\n
required to fully resolve the issue.
\n
Other cases in the Group
\n
Germany: price increase class action
\n
In November 2023, the Verbraucherzentrale Bundesverband (Federation of German Consumer Organisations)
\n
initiated a class action against Vodafone Germany in the Hamm Higher Regional Court. Vodafone Germany
\n
implemented price increases of \u20ac5 per month for fixed lines services in 2023 in response to higher costs. The claim
\n
alleges that terms regarding price increases
in the consumer contracts entered into by Vodafone Germany\u2019s
\n
customers up until August 2023 are invalid under German civil law and seeks reimbursement of the additional
\n
charges plus interest. Customers must enter their details onto the register of collective actions on the Federal Office
\n
of Justice website in order to participate in the claim. The register opened in April 2024 and as at 31 March 2025,
\n
approximately 99,200 customers had registered. Vodafone Germany filed its defence in August 2024 and a hearing
\n
will take place on 3 December 2025.
\n
Whilst the Group intends to defend the claim, it is not able to determine the likelihood or estimate the amount of any
\n
possible financial loss at this stage of the proceedings.
\n
Germany: claims regarding transfer of data to credit agencies
\n
Individual consumers are bringing claims against Vodafone Germany and/or the other national network
\n
operators alleging that information was passed to credit agencies up to February 2024 about contracts for
\n
mobile services without consumer consent. The claims seek damages of up to \u20ac5,000 per contract for GDPR
\n
(General Data Protection Regulation) infringement. As at 28 March 2025, Vodafone Germany had been notified
\n
of 534 claims filed in various regional courts. Out of 314 court judgements issued so far, Vodafone Germany has
\n
been successful in all but seven claims in which damages in the range of \u20ac100 -
\u20ac400 were awarded
to the
\n
consumer. The other national network operators are facing similar claims.
\n
The Group\u2019s position is that the transfer of data about the existence of a consumer contract (and not about
\n
payments in relation to the contract) to credit agencies is standard practice and justified for the purposes of fraud
\n
prevention. However, given the consumer claims, Vodafone Germany has stopped this activity.
\n
Although the total potential number of claims and financial losses is uncertain, the Group believes it has valid
\n
defences and that no present obligation exists based on all available evidence.
\n
Germany: investigation by federal data protection authority
\n
In 2021, the BfDI (Federal Commissioner for Data Protection and Freedom of Information) started investigations
\n
into potential breaches of the GDPR in relation to systems used to manage and protect customer data. Vodafone
\n
Germany has made an immaterial payment to the BfDI in settlement of these investigations.
\n
Germany: investigation by competition authority regarding 1&1
\n
In December 2021 1&1 entered into an agreement with Vantage Towers for the provision of infrastructure for
\n
antenna sites. Vantage Towers sub-contracted certain aspects of the delivery under the agreement to Vodafone
\n
Germany.
\n
In March 2023, Vodafone Germany and Vodafone Group (together \u2018Vodafone\u2019) were informed that 1&1 had
\n
submitted a complaint to the Bundeskartellamt (\u2018BkA\u2019), the competition authority in Germany, alleging
\n
infringements of competition law. Following the start of a formal investigation in June 2023, the BkA issued a
\n
Statement of Objections on 11 April 2025 with its view that the delayed provision by Vodafone and Vantage
\n
Towers of the contractually agreed tower locations acted as an obstacle to 1&1\u2019s market entry
and an abuse of
\n
dominance.
Vodafone\u2019s response to the Statement of Objections is
currently due to be submitted to the BkA on
\n
27 June 2025.
\n
Vodafone is currently unable to estimate any possible loss but, while the outcome is uncertain, the Group
\n
believes it has valid defences and that it is probable no present obligation exists.
\n
Italy: Iliad v Vodafone Italy
\n
In July 2019, Iliad filed a claim for \u20ac500 million against Vodafone Italy in the Civil Court of Milan. The claim
\n
alleges anti-competitive behaviour in relation to customer portability and certain advertising campaigns by
\n
Vodafone Italy. The main hearing on the merits of the claim took place on 8 June 2021. On 17 April 2023, the
\n
Civil Court issued a judgement in Vodafone Italy's favour and rejected Iliad's claim for damages in full. Iliad filed
\n
an appeal before the Court of Appeal of Milan in June 2023. The appeal process is ongoing and a hearing will take
\n
place on 25 June 2025 for final arguments.
\n
Following the divestment of Vodafone Italy, this claim is subject to an indemnity provided by the Group to
\n
Swisscom. The Group is currently unable to estimate any possible loss in this claim in the event of an adverse
\n
judgement on appeal but, while the outcome is uncertain, the Group believes that Vodafone Italy has valid
\n
defences and that it is probable that no present obligation exists.
\n
Greece: Papistas Holdings SA, Mobile Trade Stores (formerly Papistas SA) and Athanasios and Loukia Papistas v
\n
Vodafone Greece
\n
In October 2019, Mr. and Mrs. Papistas, and companies owned or controlled by them, filed several claims against
\n
Vodafone Greece with a total value of approximately \u20ac330 million for purported damage caused by the alleged
\n
abuse of dominance and wrongful termination of a franchise arrangement with a Papistas company. Lawsuits
\n
which the Papistas claimants had previously brought against Vodafone Greece, including one also citing
\n
Vodafone Group Plc and certain Directors and officers of Vodafone as defendants, were either withdrawn or left
\n
dormant. Vodafone Greece filed a counter claim and all claims were heard in February 2020. All of the Papistas
\n
claims were rejected by the Athens Court of First Instance because the stamp duty payments required to have
\n
the merits of
the case considered had not been made.
Vodafone Greece\u2019s counter claim was also rejected. The
\n
Papistas claimants and Vodafone Greece each filed appeals. Following hearings in February and May 2023, the
\n
Court of Appeal dismissed both of the appeals, in the case of the Papistas claimants because the stamp duty
\n
payments had again not been made. Whether the Papistas claimants will appeal the judgement is unknown as at
\n
the date of this report. There was a further hearing in February 2025 about one aspect of the appeal proceedings
\n
and the decision of the Court of Appeal is awaited.
\n
Vodafone is continuing vigorously to defend the claims and based on the progress of the litigation so far the
\n
Group believes that it is highly unlikely that there will be an adverse ruling for the Group. On this basis, the Group
\n
does not expect the outcome of these claims to have a material financial impact.
\n
UK: Phones 4U in Administration v Vodafone Limited, Vodafone Group Plc and Others
\n
In December 2018, the administrators of former UK indirect seller, Phones 4U, sued the three main UK mobile
\n
network operators (\u2018MNOs\u2019), including Vodafone, and their parent companies in the English High Court. The
\n
administrators alleged collusion between the MNOs to withdraw their business from Phones 4U thereby causing
\n
its collapse. The judge ordered that there should be a split trial between liability and damages. The first trial on
\n
liability took place from May to July 2022. On 10 November 2023, the High Court issued a judgement in
\n
Vodafone\u2019s favour and rejected Phones 4U\u2019s allegations that the defendants were in breach of competition law,
\n
consistent with Vodafone\u2019s previously stated position that a present obligation does not exist. Phones 4U was
\n
granted permission to appeal the judgement from the Court of Appeal. The appeal hearing took place before the
\n
Court of Appeal from 19 - 23 May 2025. We are waiting to receive the judgement.
\n
The Group is vigorously defending the appeal and is not able to estimate any possible loss in the event of an
\n
adverse judgement on appeal.
\n
South Africa: Kenneth Makate v Vodacom (Pty) Limited
\n
Mr Kenneth Makate,
a former employee of Vodacom Pty Limited (\u2018Vodacom South Africa\u2019), started legal
\n
proceedings in 2008 claiming compensation for a business idea that led to the development of a service known
\n
as \u2018Please Call Me\u2019 (\u2018PCM\u2019). In July 2014, the Gauteng High Court (\u2018the High Court\u2019) ruled that Mr Makate had
\n
proven the existence of a contract, but that Vodacom South Africa was not bound by that contract because the
\n
responsible director did not have authority to enter into such an agreement on Vodacom South Africa\u2019s
behalf.
\n
The High Court and Supreme Court of Appeal (\u2018the SCA\u2019) turned down Mr Makate\u2019s application for leave to appeal
\n
in December 2014 and March 2015, respectively.
\n
In April 2016, the Constitutional Court of South Africa (\u2018the Constitutional Court\u2019) granted leave to appeal and
\n
upheld Mr Makate\u2019s appeal. It found that Vodacom South Africa is bound by an agreement and ordered the
\n
parties to negotiate, in good faith, and agree a reasonable compensation amount payable to Mr Makate or, in the
\n
event of a deadlock, for the matter to be referred to Vodacom Group\u2019s Chief Executive Officer (\u2018the CEO\u2019) for
\n
determination. Mr Makate\u2019s application for the aforementioned order to be varied
from the determination of an
\n
amount to a compensation model based on a share of revenue was dismissed by the Constitutional Court. In
\n
accordance with the Constitutional Court order, and after negotiations failed, the CEO issued his determination
\n
on 9
January 2019. However, the CEO\u2019s award of R47million (\u20ac2 million) was rejected by Mr Makate, who
\n
subsequently brought an application in the High Court for the review of the CEO\u2019s determination and award.
\n
The High Court, in a judgement delivered on 8 February 2022, set aside the CEO\u2019s determination and ordered
\n
him to reassess the amount employing a set of criteria which would have resulted in the payment of a higher
\n
compensation amount, for the benefit of Mr Makate, than that determined by the CEO. Vodacom South Africa
\n
appealed against the judgement and the order of the High Court to the SCA. The SCA heard the appeal on 9 May
\n
2023 and its judgement was handed down on 6 February 2024. A majority of three judges, with a minority of two
\n
judges dissenting, dismissed the appeal and ruled that Mr Makate is entitled to be paid 5% - 7.5% of the total
\n
revenue of the PCM product from March 2001 to the date of the judgement, plus interest.
\n
On 27 February 2024, Vodacom South Africa applied for leave to appeal the judgement and order of the SCA to
\n
the Constitutional Court, resulting in the suspension of the operation of the judgement and order of the SCA. On
\n
26 August 2024, the Constitutional Court
issued a directive that it would hear Vodacom South Africa\u2019s
\n
application for leave to appeal in tandem with its appeal against the SCA judgement and order. The matter was
\n
heard on 21 November 2024 and Vodacom South Africa awaits a decision from the Constitutional Court.
\n
Vodacom South Africa is challenging the SCA\u2019s judgement and order on various grounds including, but not
\n
limited to, the SCA ignoring the evidence placed before it on the computation of the quantum of compensation
\n
payable to Mr Makate, as well as the SCA issuing orders that are incapable of implementation and enforcement.
\n
The CEO\u2019s determination in 2019 amounted to R47 million (\u20ac2 million). The minority judgement of the SCA
\n
raised Mr Makate\u2019s compensation to an amount payable of R186 million (\u20ac10
million). The value of the
\n
compensation amount for Mr Makate, as per the SCA\u2019s majority judgement and order, would at a minimum be
\n
R29 billion (\u20ac1.5
billion). Mr Makate, in his recent submissions to the Constitutional Court, has stated that his
\n
request is for compensation
in the capital amount of R9.4 billion (\u20ac473
million), plus interest from 18 January
\n
2019. Consequently, the range of the possible compensation outcomes in this matter is very wide.
\n
The amount ultimately payable to Mr Makate is uncertain and will depend on the success of Vodacom South
\n
Africa\u2019s appeal to the Constitutional Court against the judgement and order of the SCA, on the merits of the case.
\n
The Group is continuing to challenge the level of compensation payable to Mr Makate and a provision immaterial
\n
to the financial statements has been recorded.
UK: Mr Justin Gutmann v Vodafone Limited and Vodafone Group Plc
In November 2023, Mr Gutmann issued claims in the Competition Appeal Tribunal (\u2018CAT\u2019) seeking permission, as
a proposed class representative, to bring collective proceedings on an opt-out basis against the four UK mobile
network operators (\u2018MNOs\u2019) and, in the case of Vodafone Limited and EE Limited, their respective parent
companies. Vodafone Group Plc and Vodafone Limited are named defendants to one of the claims with an
alleged value of \u00a31.4 billion (approximately \u20ac1.7 billion), including interest. It is alleged that Vodafone and the
other MNOs used their alleged market dominance to overcharge customers after the expiry of the minimum
terms of certain mobile contracts (referred to as a \u2018loyalty penalty\u2019). A hearing took place before the CAT from 31
March to 2 April 2025 to determine Mr Gutmann\u2019s application for certification of the class and Vodafone\u2019s
application for strike out of certain parts of the claim based on limitation. The decision is expected later this year.
Taking into account all available evidence at this stage, the Group\u2019s assessment is that the allegations are
without merit and it intends to defend the claim. The Group is currently unable to estimate any possible loss in
regards to this issue but, while the outcome is uncertain, the Group believes it is probable that no present
obligation exists. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00878": { "value": "Accounting policies
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past
\n
event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made
\n
of the amount of the obligation. Provisions are measured based on the best estimate of the expenditure required
\n
to settle the obligation at the reporting date and are discounted to present value where the effect is material.
\n
Where the timing of settlement is uncertain amounts are classified as non-current where settlement is expected
\n
more than 12 months from the reporting date.
\n
Asset retirement obligations
\n
In the course of the Group\u2019s activities, a number of sites and other assets are utilised which are expected to have
\n
costs associated with decommissioning. The associated cash outflows are substantially expected to occur at the
\n
dates of decommissioning of the assets to which they relate, and are long term in nature.
\n
Legal and regulatory
\n
The Group is involved in a number of legal and other disputes, including where the Group has received
\n
notifications of possible claims. The Directors of the Company, after taking legal advice, have established
\n
provisions considering the facts of each case. For a discussion of certain legal issues potentially affecting the
\n
Group see note 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial statements.
\n
Restructuring
\n
The Group undertakes periodic reviews of its operations and recognises provisions as required based on the
\n
outcomes of these reviews. The associated cash outflows for restructuring costs are primarily less than one year.
\n
Other
\nComprises various items that do not fall within the Group\u2019s other categories of provisions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00879": { "value": "Asset retirement obligations
In the course of the Group\u2019s activities, a number of sites and other assets are utilised which are expected to have
\n
costs associated with decommissioning. The associated cash outflows are substantially expected to occur at the
\ndates of decommissioning of the assets to which they relate, and are long term in nature. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00880": { "value": "17. Called up share capital
Called up share capital is the number of shares in issue at their par value. A number of shares
were allotted during the year in relation to employee share schemes.
Accounting policies
Equity instruments issued by the Group are recorded at the amount of the proceeds received, net of direct
issuance costs.
2025
2024
Number
\u20acm
Number
\u20acm
Ordinary shares of 20
20
\u2044
21
US cents
each allotted, issued and fully paid:
1,2
1 April
28,818,683,808
4,797
28,818,256,058
4,797
Allotted during the year
455,190
\u2013
427,750
\u2013
Cancelled during the year
(2,430,853,096)
(478)
\u2013
\u2013
31 March
26,388,285,902
4,319
28,818,683,808
4,797
Notes:
1. At 31 March 2025, there were 50,000 (2024: 50,000) 7% cumulative fixed rate shares of \u00a31 each in issue.
2. At 31 March 2025, the Group held 1,416,813,312 (2024: 1,738,561,954) treasury shares with a nominal value of \u20ac232 million (2024:
\u20ac289 million). The market value of shares held was \u20ac1,234 million (2024: \u20ac1,434 million). During the year, 99,750,090 (2024:
87,129,475) treasury shares were reissued under Group share schemes and 2,208,854,544 (2024: nil) shares were repurchased
following the disposal of Vodafone Spain.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00881": { "value": "17. Called up share capital
Called up share capital is the number of shares in issue at their par value. A number of shares
were allotted during the year in relation to employee share schemes.
Accounting policies
Equity instruments issued by the Group are recorded at the amount of the proceeds received, net of direct
issuance costs.
2025
2024
Number
\u20acm
Number
\u20acm
Ordinary shares of 20
20
\u2044
21
US cents
each allotted, issued and fully paid:
1,2
1 April
28,818,683,808
4,797
28,818,256,058
4,797
Allotted during the year
455,190
\u2013
427,750
\u2013
Cancelled during the year
(2,430,853,096)
(478)
\u2013
\u2013
31 March
26,388,285,902
4,319
28,818,683,808
4,797
Notes:
1. At 31 March 2025, there were 50,000 (2024: 50,000) 7% cumulative fixed rate shares of \u00a31 each in issue.
2. At 31 March 2025, the Group held 1,416,813,312 (2024: 1,738,561,954) treasury shares with a nominal value of \u20ac232 million (2024:
\u20ac289 million). The market value of shares held was \u20ac1,234 million (2024: \u20ac1,434 million). During the year, 99,750,090 (2024:
87,129,475) treasury shares were reissued under Group share schemes and 2,208,854,544 (2024: nil) shares were repurchased
following the disposal of Vodafone Spain.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00882": { "value": "Accounting policies
Equity instruments issued by the Group are recorded at the amount of the proceeds received, net of direct
issuance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00883": { "value": "18. Reconciliation of net cash flow from operating activities
The table below shows how our (loss)/profit for the year from continuing operations translates
into cash flows generated from our operating activities.
2025
2024
2023
Note
\u20acm
\u20acm
\u20acm
(Loss)/profit for the financial year
(3,746)
1,505
12,335
Loss/(Profit) for the financial year from discontinued
operations
22
65
247
(Loss)/profit for the financial year from continuing
operations
(3,724)
1,570
12,582
Investment income
5
(864)
(581)
(232)
Financing costs
5
1,931
2,626
1,609
Income tax expense
6
2,246
50
492
Operating (loss)/profit
(411)
3,665
14,451
Adjustments for:
Share-based payments and other non-cash charges
68
98
58
Depreciation and amortisation
10, 11
10,804
10,414
10,255
Loss on disposal of property, plant and equipment and
intangible assets
13
34
33
Share of result of equity accounted associates and joint
ventures
12
123
96
(433)
Impairment charge/(reversal)
4
4,515
(64)
64
Other income
3
(565)
(372)
(9,402)
Decrease / (increase) in inventory
134
177
(168)
(Increase)/decrease in trade and other receivables
14
(774)
(597)
(486)
Increase/(decrease) in trade and other payables
15
710
534
1,446
Cash generated by operations
14,617
13,985
15,818
Net tax paid
(901)
(724)
(1,228)
Cashflows from discontinued operations
1,657
3,296
3,464
Net cash flow from operating activities
15,373
16,557
18,054
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00884": { "value": "19. Cash and cash equivalents
The majority of the Group\u2019s cash is held in bank deposits or money market funds which have a
maturity of three months or less from acquisition to enable us to meet our short-term liquidity
requirements.
Accounting policies
Cash and cash equivalents comprise cash and bank deposits, and other short-term highly liquid investments that
are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Assets in money market funds, whose contractual cash flows do not represent solely payments of interest and
principal, are measured at fair value with gains and losses arising from changes in fair value included in net profit
or loss for the period. All other cash and cash equivalents are measured at amortised cost.
2025
2024
\u20acm
\u20acm
Cash and bank deposits
1
8,871
4,168
Money market funds
2
2,130
2,015
Cash and cash equivalents as presented in the consolidated statement of
financial position
11,001
6,183
Bank overdrafts
(108)
(111)
Cash and cash equivalents of discontinued operations
\u2013
42
Cash and cash equivalents as presented in the consolidated statement of
cash flows
10,893
6,114
Notes:
1. Includes bank deposits under repurchase agreements of \u20ac6,531 million (2024: \u20ac2,034 million).
2. Items are measured at fair value and the valuation basis is level 1 classification, which comprises financial instruments where fair value is
determined by unadjusted quoted prices in active markets.
The carrying amount of balances at amortised cost approximates their fair value.
Cash and cash equivalents of \u20ac1,922 million (2024: \u20ac1,629 million) are held in countries with restrictions on
remittances but where the balances could be used to repay subsidiaries\u2019 third party liabilities. In addition, those
balances could also be used to repay \u20ac800 million (2024: \u20ac790 million) of intercompany liabilities as at 31 March
2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00885": { "value": "Accounting policies
Cash and cash equivalents comprise cash and bank deposits, and other short-term highly liquid investments that
are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Assets in money market funds, whose contractual cash flows do not represent solely payments of interest and
principal, are measured at fair value with gains and losses arising from changes in fair value included in net profit
or loss for the period. All other cash and cash equivalents are measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00886": { "value": "Cash and cash equivalents of \u20ac1,922 million (2024: \u20ac1,629 million) are held in countries with restrictions on
remittances but where the balances could be used to repay subsidiaries\u2019 third party liabilities. In addition, those
balances could also be used to repay \u20ac800 million (2024: \u20ac790 million) of intercompany liabilities as at 31 March
2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00887": { "value": "20. Leases
The Group leases assets from other parties (the Group is a lessee) and also leases assets to other
parties (the Group is a lessor). This note describes how the Group accounts for leases and
provides details about its lease arrangements.
Accounting policies
As a lessee
When the Group leases an asset, a \u2018right-of-use asset\u2019 is recognised for the leased item and a lease liability is
recognised for any lease payments to be paid over the lease term at the lease commencement date. The right-
of-use asset is initially measured at cost, being the present value of the lease payments paid or payable, plus any
initial direct costs incurred in entering the lease and less any lease incentives received.
Right-of-use assets are depreciated on a straight-line basis from the commencement date to the earlier of the
end of the asset\u2019s useful life or the end of the lease term. The lease term is the non-cancellable period of the
lease plus any periods for which the Group is \u2018reasonably certain\u2019 to exercise any extension options (see below).
The useful life of the asset is determined in a manner consistent to that for owned property, plant and equipment
(as described in note 11 \u2018Property, plant and equipment\u2019). If right-of-use assets are considered to be impaired, the
carrying value is reduced accordingly.
Lease liabilities are initially measured at the present value of the lease payments over the lease term that are not
paid at the commencement date and are usually discounted using the incremental borrowing rates of the
applicable Group entity for the relevant maturity (the rate implicit in the lease is used if it is readily determinable).
Lease payments included in the lease liability include both fixed payments and in-substance fixed payments
during the term of the lease.
After initial recognition, the lease liability is recorded at amortised cost using the effective interest rate method. It
is remeasured when there is a change in future lease payments arising from a change in an index or rate (e.g. an
inflation related increase) or if the Group\u2019s assessment of the lease term changes; any changes in the lease
liability as a result of these changes also results in a corresponding change in the recorded right-of-use asset
unless the right-of-use asset is reduced to zero in which case the remaining amount of the remeasurement is
recognised in profit or loss.
Lease modifications that increase the scope of a lease by adding the right to use one or more underlying assets
in return for consideration commensurate with the stand-alone price for the additional lease components are
treated as separate leases. If a lease modification decreases the scope of the lease, the Group remeasures both
the right-of-use asset and the lease liability and recognises any gain or loss in profit or loss. Other lease
modifications result in a remeasurement of the lease liability with an adjustment to the right-of-use asset.
Remeasured lease liabilities are discounted at the modification date using a current discount rate.
As a lessor
Where the Group is a lessor, it determines at inception whether the lease is a finance or an operating lease. When
a lease transfers substantially all the risks and rewards of ownership of the underlying asset then the lease is a
finance lease; otherwise the lease is an operating lease.
\n\n
Where the Group is an intermediate lessor, the interests in the head lease and the sublease are accounted for
\n
separately and the lease classification of a sublease is determined by reference to the right-of-use asset arising
\n
from the head lease.
\n
Income from operating leases is recognised on a straight-line basis over the lease term. Income from finance
\n
leases is recognised at lease commencement with any interest income recognised over the lease term.
\n
Lease income is recognised as revenue for transactions that are part of the Group\u2019s ordinary activities (i.e.
\n
primarily leases of handsets or other equipment to customers, leases of wholesale access to the Group\u2019s fibre
\n
and cable networks and leases of tower infrastructure assets). The Group uses IFRS 15 principles to allocate the
\n
consideration in contracts between any lease and non-lease components.
\n
The Group\u2019s leasing activities as a lessee
\n
The Group leases buildings for its retail stores, offices and data centres, land on which to construct mobile base
\n
stations, space on mobile base stations to place active RAN equipment and network space (primarily rack space
\n
or duct space). In addition, the Group leases fibre and other fixed connectivity to provide internal connectivity for
\n
the Group\u2019s operations and on a wholesale basis from other operators to provide fixed connectivity services to
\n
the Group\u2019s customers.
\n
The Group\u2019s general approach to determining lease term by class of asset is described in note 1 \u2018Basis of
\n
preparation\u2019 under \u2018Critical accounting judgements and key sources of estimation uncertainty\u2019.
\n
Most of the Group\u2019s leases include future price increases through fixed percentage increases, indexation to
\n
inflation measures on a periodic basis or rent review clauses. Other than fixed percentage increases the lease
\n
liability does not reflect the impact of these future increases unless the measurement date has passed. The
\n
Group\u2019s leases contain no material variable payments clauses other than those related to the number of
\n
operators sharing space on third party mobile base stations.
\n
Optional lease periods
\n
Where practicable the Group seeks to include extension or break options in leases to provide operational
\n
flexibility, therefore many of the Group\u2019s lease contracts contain optional periods. The Group\u2019s policy on
\n
assessing and reassessing whether it is reasonably certain that the optional period will be included in the lease
\n
term is described in note 1 \u2018Basis of preparation\u2019 under \u2018Critical accounting judgements and key sources of
\n
estimation uncertainty\u2019.
\n
After initial recognition of a lease, the Group only reassesses the lease term when there is a significant event or a
\n
significant change in circumstances, which was not anticipated at the time of the previous assessment.
\n
Significant events or significant changes in circumstances could include merger and acquisition or similar
\n
activity, significant expenditure on the leased asset not anticipated in the previous assessment, or detailed
\n
management plans indicating a different conclusion on optional periods to the previous assessment. Where a
\n
significant event or significant change in circumstances does not occur, the lease term and therefore lease
\n
liability and right-of-use asset value, will decline over time.
\n
The Group\u2019s cash outflow for leases in the year ended 31 March 2025 was \u20ac3,770 million (2024: \u20ac3,567 million,
\n
2023: \u20ac3,067 million) and absent significant future changes in the volume of the Group\u2019s activities or other
\n
strategic or structural changes to the Group resulting in the use of more or fewer owned assets, this level of cash
\n
outflow from leases would be expected to continue for future periods, subject to contractual price increases. The
\n
future cash outflows included within lease liabilities are shown in the maturity analysis below. The maturity
\n
analysis only includes the reasonably certain payments to be made; cash outflows in these future periods will
\n
likely exceed these amounts as payments will be made on optional periods not considered reasonably certain at
\n
present and on new leases entered into in future periods.
\n
The Group\u2019s leases for customer connectivity are normally either under regulated access or network sharing or
\n
similar preferential access arrangements and as a result the Group normally has significant flexibility over the
\n
term it can lease such connections for; generally the notice period required to cancel the lease is less than the
\n
notice period included in the service contract with the end customer. As a result, the Group does not have any
\n
significant cash exposure to optional periods on customer connectivity as the Group can cancel the lease when
\n
the service agreement ends. In some circumstances the Group is committed to minimum spend amounts for
\n
connectivity leases, which are included within reported lease liabilities.
\n
Sale and leaseback
\n
In the year ended 31 March 2023, the Group disposed of its interest in Vantage Towers A.G. (\u2018Vantage Towers\u2019)
\n
into a new joint venture, Oak Holdings 1 GmbH (\u2018Oak\u2019). The Group has agreements with Vantage Towers to lease
\n
back spaces on its towers and, as a result, \u20ac680 million of the gain on disposal was recorded in the year ended 31
\n
March 2023 as a reduction in the value of the right-of-use asset. \u20ac121 million of the gain deferral related to
\n
Vodafone Spain which was disposed of during the year ended 31 March 2025; the remainder will be realised as a
\n
reduction in depreciation over the term of the leaseback until November 2028. Other sale and leaseback
\n
transactions entered into by the Group were not material, individually or in aggregate.
\n
Amounts recognised in the primary financial statements in relation to lessee transactions
\n
Right-of-use assets
\n
The carrying value of the Group\u2019s right-of-use assets, depreciation charge for the year and additions during the
\n
year are disclosed in note 11 \u2018Property, plant and equipment\u2019.
\n\n
Lease liabilities
\n
The Group\u2019s lease liabilities are disclosed in note 21 \u2018Borrowings\u2019. The maturity profile of the Group\u2019s lease
\n
liabilities is as follows:
2025
2024
\u20acm
\u20acm
Within one year
2,765
2,603
In more than one year but less than two years
2,081
1,984
In more than two years but less than three years
1,756
1,599
In more than three years but less than four years
1,434
1,461
In more than four years but less than five years
965
1,129
In more than five years
3,868
2,366
12,869
11,142
Effect of discounting
(2,043)
(1,470)
Lease liability - as disclosed in note 21 \u2018Borrowings\u2019
10,826
9,672
\n
At 31 March 2025 the Group has committed to enter into future lease contracts with future undiscounted lease
\n
payments of \u20ac1,464 million (31 March 2024: \u20ac1,339 million) which includes \u20ac1,102 million (31 March
\n
2024: \u20ac1,031 million) of commitments to Vantage Towers A.G., a subsidiary of the Group\u2019s joint arrangement
\n
Oak Holdings 1 GmbH, for tower leases which are due to commence over the period until March 2026 and which
\n
will be payable during the eight year lease term following the commencement of respective individual leases.
\n
Interest expense on lease liabilities for the year is disclosed in note 5 \u2018Investment income and financing costs\u2019.
\n
The Group has no material liabilities under residual value guarantees and makes no material variable payments
\n
not included in the lease liability. The Group does not apply either the short term or low value expedient options
\n
in IFRS 16 \u2018Leases\u2019.
\n
The Group\u2019s leasing activities as a lessor
\n
The Group has a wide range of lessor activities with consumer and enterprise customers, other
\n
telecommunication companies and other companies. With consumer and enterprise customers, the Group
\n
generates lease income from the provision of handsets, routers and other communications equipment. The
\n
Group provides wholesale access to the Group\u2019s fibre and cable networks, leases out space on the Group\u2019s owned
\n
mobile base stations to other telecommunication companies and subleases certain retained mobile base station
\n
sites to telecommunication tower companies. In addition, the Group subleases retail stores to franchise partners
\n
in certain markets and leases out surplus assets (e.g. vacant offices and retail stores) to other companies.
\n
Lessor transactions are classified as operating or finance leases based on whether the lease transfers
\n
substantially all of the risks and rewards incidental to ownership of the asset. Leases are individually assessed, but
\n
generally, the Group\u2019s lessor transactions in the year are classified as:
\n
\u2212
Operating leases where the Group provides wholesale access to its fibre and cable networks, provides routers
\n
or similar equipment to fixed customers or is lessor of space on owned mobile base stations; and
\n
\u2212
Finance leases where the Group is sub-lessor of handsets or similar items in back-to-back arrangements or
\n
where surplus assets or certain retained mobile base stations sites are sublet out for all or substantially all of
\n
the remaining head lease term.
\n
The Group\u2019s income as a lessor in the year is as follows:
2025
2024
2023
\u20acm
\u20acm
\u20acm
Operating leases
Lease revenue (note 2 \u2018Revenue disaggregation and segmental analysis\u2019)
423
463
673
Income from leases not recognised as revenue
36
38
37
\n
Substantially all of the Group\u2019s income as a lessor is operating lease income.
\n
The committed amounts to be received from the Group\u2019s operating leases are as follows:
Maturity
Within one
In one to
In two to
In three to
In four to
In more than
year
two years
three years
four years
five years
five years
Total
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Committed operating lease
payments due to the Group as a
lessor
31 March 2025
261
98
31
18
11
14
433
31 March 2024
296
121
29
16
9
20
491
31 March 2023
275
114
30
14
7
4
444
\n
The Group recognises a net investment in leases (receivables) as a result of providing finance leases as a lessor,
\n
which are disclosed in note 14 \u2018Trade and other receivables\u2019. The maturity profile of the Group\u2019s net investment in
\n
leases is as follows:
2025
2024
\u20acm
\u20acm
Within one year
106
106
In more than one year but less than two years
82
80
In more than two years but less than three years
59
56
In more than three years but less than four years
51
49
In more than four years but less than five years
42
35
In more than five years
238
17
578
343
Unearned finance income
(118)
(33)
Net investment in leases - as disclosed in note 14 \u2018Trade and other receivables\u2019
460
310
\nThe Group has no material lease income arising from variable lease payments.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00888": { "value": "Accounting policies
As a lessee
When the Group leases an asset, a \u2018right-of-use asset\u2019 is recognised for the leased item and a lease liability is
recognised for any lease payments to be paid over the lease term at the lease commencement date. The right-
of-use asset is initially measured at cost, being the present value of the lease payments paid or payable, plus any
initial direct costs incurred in entering the lease and less any lease incentives received.
Right-of-use assets are depreciated on a straight-line basis from the commencement date to the earlier of the
end of the asset\u2019s useful life or the end of the lease term. The lease term is the non-cancellable period of the
lease plus any periods for which the Group is \u2018reasonably certain\u2019 to exercise any extension options (see below).
The useful life of the asset is determined in a manner consistent to that for owned property, plant and equipment
(as described in note 11 \u2018Property, plant and equipment\u2019). If right-of-use assets are considered to be impaired, the
carrying value is reduced accordingly.
Lease liabilities are initially measured at the present value of the lease payments over the lease term that are not
paid at the commencement date and are usually discounted using the incremental borrowing rates of the
applicable Group entity for the relevant maturity (the rate implicit in the lease is used if it is readily determinable).
Lease payments included in the lease liability include both fixed payments and in-substance fixed payments
during the term of the lease.
After initial recognition, the lease liability is recorded at amortised cost using the effective interest rate method. It
is remeasured when there is a change in future lease payments arising from a change in an index or rate (e.g. an
inflation related increase) or if the Group\u2019s assessment of the lease term changes; any changes in the lease
liability as a result of these changes also results in a corresponding change in the recorded right-of-use asset
unless the right-of-use asset is reduced to zero in which case the remaining amount of the remeasurement is
recognised in profit or loss.
Lease modifications that increase the scope of a lease by adding the right to use one or more underlying assets
in return for consideration commensurate with the stand-alone price for the additional lease components are
treated as separate leases. If a lease modification decreases the scope of the lease, the Group remeasures both
the right-of-use asset and the lease liability and recognises any gain or loss in profit or loss. Other lease
modifications result in a remeasurement of the lease liability with an adjustment to the right-of-use asset.
Remeasured lease liabilities are discounted at the modification date using a current discount rate.
As a lessor
Where the Group is a lessor, it determines at inception whether the lease is a finance or an operating lease. When
a lease transfers substantially all the risks and rewards of ownership of the underlying asset then the lease is a
finance lease; otherwise the lease is an operating lease.
\n\n
Where the Group is an intermediate lessor, the interests in the head lease and the sublease are accounted for
\n
separately and the lease classification of a sublease is determined by reference to the right-of-use asset arising
\n
from the head lease.
\n
Income from operating leases is recognised on a straight-line basis over the lease term. Income from finance
\n
leases is recognised at lease commencement with any interest income recognised over the lease term.
\n
Lease income is recognised as revenue for transactions that are part of the Group\u2019s ordinary activities (i.e.
\n
primarily leases of handsets or other equipment to customers, leases of wholesale access to the Group\u2019s fibre
\n
and cable networks and leases of tower infrastructure assets). The Group uses IFRS 15 principles to allocate the
\nconsideration in contracts between any lease and non-lease components. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00889": { "value": "21. Borrowings
The Group\u2019s sources of borrowing for funding and liquidity purposes come from a range of
\n
committed bank facilities and through short-term and long-term issuances in the capital
\n
markets including bond and commercial paper issues and bank loans. Liabilities arising from
\n
the Group\u2019s lease arrangements are also reported in borrowings; see note 20 \u2018Leases\u2019. We
\n
manage the basis on which we incur interest on debt between fixed interest rates and floating
\n
interest rates depending on market conditions using interest rate derivatives. The Group
\n
enters into foreign exchange contracts to mitigate the impact of exchange rate movements
\n
on certain monetary items.
\n
Accounting policies
\n
Interest-bearing bonds, loans and overdrafts are initially measured at fair value (which is equal to cost at
\n
inception), and are subsequently measured at amortised cost, using the effective interest rate method. Where
\n
they are identified as a hedged item in a designated fair value hedge relationship, fair value adjustments are
\n
recognised in accordance with our policy (see note 22 \u2018Capital and financial risk management\u2019). Any difference
\n
between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings
\n
is recognised over the term of the borrowing.
\n
Borrowings
Re-presented
1
2025
2024
\u20acm
\u20acm
Non-current borrowings
Bonds
34,873
40,382
Bank loans
1,009
402
Lease liabilities (note 20 'Leases')
8,480
7,416
Other borrowings
2
1,734
1,059
46,096
49,259
Current borrowings
Bonds
1,529
361
Bank loans
204
365
Lease liabilities (note 20 'Leases')
2,346
2,256
Collateral liabilities
2,357
2,628
Bank borrowings secured against Indian assets
\u2013
1,720
Other borrowings
2
611
398
7,047
7,728
Borrowings
53,143
56,987
\n
Note:
\n
1. On 1 April 2024, the Group adopted amendments to IAS 1 \u2018Presentation of Financial statements\u2019 which has impacted the classification
\n
of certain bonds between current borrowings and non-current borrowings. As a result of the reclassification, comparatives at 31 March
\n
2024, have been re-presented in accordance with IFRS requirements. See note 1 \u2018Basis of preparation\u2019 to the consolidated financial
\n
statements for more information.
\n
2. Includes \u20ac700 million (2024: \u20ac862 million) and \u20ac187 million (2024: \u20ac158 million) of licence and spectrum fees payable, and \u20ac307
\n
million (2024: \u20ac20 million) and \u20ac196 million (2024: \u20ac40 million) of supplier payables classified as borrowings, in non-current and
\n
current borrowings respectively.
\n
The fair value of the Group\u2019s financial liabilities held at amortised cost approximate to fair value with the
\n
exception of long-term bonds with a carrying value of \u20ac34,873 million (2024 re-presented
\n
1
\n
: \u20ac40,382 million)
\n
which have a fair value of \u20ac31,325 million (2024 re-presented
\n
1
\n
: \u20ac36,787 million). Fair value is based on level 1 of
\n
the fair value hierarchy using quoted market prices.
\n
The Group\u2019s current borrowings also included \u20acnil (2024: \u20ac1,720 million) of bank borrowings that were secured
\n
against the Group\u2019s shareholdings in Indus Towers and Vodafone Idea (see note 12 \u2018Associates and joint
\n
arrangements\u2019 for further details of these assets) that were repaid following the realisation of proceeds from
\n
those assets. This arrangement contained an embedded derivative option which was separately fair valued and
\n
was presented within derivative assets in current assets (see note 14 \u2018Trade and other receivables\u2019).
\n
The Group\u2019s borrowings, which mainly include certain bonds that have been designated in hedge relationships,
\n
are carried at \u20ac899 million (2024: \u20ac1,229 million) higher than their euro equivalent redemption value. In
\n
addition, where bonds are issued in currencies other than euros, the Group has entered into foreign currency
\n
swaps to fix the euro cash outflows on redemption. The impact of these swaps is not reflected in borrowings and
\n
would decrease the euro equivalent redemption value of the bonds by \u20ac1,132 million (2024: \u20ac1,559 million).
\n
Commercial paper programmes
\n
The Group currently have US and euro commercial paper programmes of US$15 billion (\u20ac13.9 billion) and \u20ac10
\n
billion respectively which are available to be used to meet short-term liquidity requirements. At 31 March 2025
\n
both programmes remained undrawn. The commercial paper facilities were supported by US$4.0 billion (\u20ac3.7
\n
billion) and \u20ac4.1 billion of syndicated committed bank facilities. No amounts had been drawn under these
\n
facilities.
\n
Bonds
\n
We have two \u20ac30 billion euro medium-term note programmes and a US shelf programme which are used to
\n
meet medium to long-term funding requirements. At 31 March 2025 the total nominal amounts in issue under
\n
these programmes split by currency were US$18.4 billion, \u20ac13.0 billion, \u00a34.0 billion, CHF0.2 billion, HKD$1.8
\n
billion, AUS$0.3 billion, JPY10.0 billion, and NOK0.2 billion.
\n
At 31 March 2025 the Group had bonds outstanding with a nominal value equivalent to \u20ac35.5 billion. During the
\n
year ended 31 March 2025, bonds with a nominal value of \u20ac0.6 billion and US$3.0 billion (\u20ac2.8 billion) were
\n
issued utilising the euro medium-term note and US shelf programmes. During the year bonds with nominal value
\n
of US$3.3 billion (\u20ac3.1 billion), \u20ac2.6 billion, NOK2.0 billion (\u20ac0.2 billion), AUS$0.2 billion (\u20ac0.1 billion), \u00a30.1 billion
\n
(\u20ac0.1 billion), CHF0.1 billion (\u20ac0.1 billion) and HKD$0.3 billion (\u20ac0.04 billion) were re-purchased and bonds with a
\n
carrying value of US$1.0 billion (\u20ac0.9 billion) and CHF0.4 billion (\u20ac0.4 billion) matured. Bonds mature between
\n
2025 and 2086 (2024: 2024 and 2063) and have interest rates between 0.5% and 8% (2024: 0.375% and 8%).
\n
Treasury shares
\n
The Group held a maximum of 2,305,697,477 (2024: 1,825,624,610) of its own shares during the year which
\nrepresented 8.2% (2024: 6.3%) of issued share capital at that time.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00890": { "value": "Accounting policies
Interest-bearing bonds, loans and overdrafts are initially measured at fair value (which is equal to cost at
\n
inception), and are subsequently measured at amortised cost, using the effective interest rate method. Where
\n
they are identified as a hedged item in a designated fair value hedge relationship, fair value adjustments are
\n
recognised in accordance with our policy (see note 22 \u2018Capital and financial risk management\u2019). Any difference
\n
between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings
\nis recognised over the term of the borrowing. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00891": { "value": "Treasury shares
The Group held a maximum of 2,305,697,477 (2024: 1,825,624,610) of its own shares during the year which
represented 8.2% (2024: 6.3%) of issued share capital at that time.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00892": { "value": "22. Capital and financial risk management
This note details the treasury management and financial risk management objectives and
\n
policies, as well as the exposure and sensitivity of the Group to credit, liquidity, interest and
\n
foreign exchange risk, and the policies in place to monitor and manage these risks.
\n
Accounting policies
\n
Financial instruments
\n
Financial assets and financial liabilities, in respect of financial instruments, are recognised on the Group\u2019s
\n
consolidated statement of financial position when the Group becomes a party to the contractual provisions of
\n
the instrument.
\n
Financial liabilities and equity instruments
\n
Financial liabilities and equity instruments issued by the Group are classified according to the substance of the
\n
contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An
\n
equity instrument is any contract that provides a residual interest in the assets of the Group after deducting all of
\n
its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted
\n
for specific financial liabilities and equity instruments are set out below.
\n
Derivative financial instruments and hedge accounting
\n
The Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which
\n
it manages using derivative financial instruments. The use of financial derivatives is governed by the Group\u2019s
\n
policies approved by the Board of Directors, which provide written principles on the use of financial derivatives
\n
consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments
\n
for speculative purposes.
\n
The Group designates certain derivatives as:
\n
\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\n
\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm
\n
commitments (\u2018cash flow hedges\u2019); or
\n
\u2212
hedges of net investments in foreign operations.
\n
Derivative financial instruments are initially measured at fair value on the contract date and are subsequently re-
\n
measured to fair value at each reporting date. Changes in values of all derivatives of a financing nature are
\n
included within investment income and financing costs in the income statement unless designated in an
\n
effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective
\n
portion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at
\n
the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure
\n
that an economic relationship exists between the hedged item and hedging instrument. For fair value hedges,
\n
the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk, with gains and
\n
losses recognised in the income statement.
\n
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no
\n
longer qualifies for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in
\n
other comprehensive income at that time remains in equity and is recognised in the income statement when the
\n
hedged transaction is ultimately recognised in the income statement.
\n
For cash flow hedges, when the hedged item is recognised in the income statement, amounts previously
\n
recognised in other comprehensive income and accumulated in equity for the hedging instrument are
\n
reclassified to the income statement. However, when the hedged transaction results in the recognition of a non-
\n
financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive
\n
income and accumulated in equity are transferred from equity and included in the initial measurement of the
\n
cost of the non-financial asset or non-financial liability. If a forecast transaction is no longer expected to occur,
\n
the gain or loss accumulated in equity is recognised immediately in the income statement.
\n
For net investment hedges, gains and losses accumulated in other comprehensive income are included in the
\n
income statement when the foreign operation is disposed of.
\n
Capital management
\n
The following table summarises the capital of the Group at 31 March:
2025
2024
\u20acm
\u20acm
Borrowings (note 21)
53,143
56,987
Cash and cash equivalents (note 19)
(11,001)
(6,183)
Derivative financial instruments included in trade and other receivables (note 14)
(4,197)
(4,226)
Derivative financial instruments included in trade and other payables (note 15)
1,906
1,524
Non-current investments in sovereign securities (note 13)
(913)
\u2013
Short-term investments (note 13)
(5,280)
(3,225)
Collateral assets (note 13)
(1,010)
(741)
Financial liabilities under put option arrangements
97
\u2013
Equity
53,916
60,998
Capital
86,661
105,134
\n
The Group\u2019s policy is to borrow centrally using a mixture of long-term and short-term capital market issues and
\n
borrowing facilities to meet anticipated funding requirements. These borrowings, together with cash generated
\n
from operations, are loaned internally or contributed as equity to certain subsidiaries.
\n
Dividends from joint ventures and associates and to non-controlling shareholders
\n
Dividend policies within shareholder agreements for certain of the Group\u2019s associates and joint ventures give the
\n
Group certain rights to receive dividends but are generally paid at the discretion of the Board of Directors or
\n
shareholders. We do not have existing obligations to pay dividends to non-controlling interest partners of our
\n
subsidiaries. The amount of dividends received and paid in the year are disclosed in the consolidated statement
\n
of cash flows.
\n\n
Sale of trade receivables
\n
During the year, the Group sold certain trade receivables to a number of financial institutions. Whilst there are no
\n
repurchase obligations in respect of these receivables, the Group provided credit guarantees which would only
\n
become payable if default rates were significantly higher than historical rates. The credit guarantee is not
\n
considered substantive and substantially all risks and rewards associated with the receivables passed to the
\n
purchaser at the date of sale, therefore the receivables were derecognised. The maximum payable under the
\n
guarantees at 31 March 2025 was \u20ac1,765 million (2024: \u20ac1,929 million). No provision has been made in respect
\n
of these guarantees as the likelihood of a cash outflow has been assessed as remote.
\n
Supply chain financing arrangements
\n
The Group offers eligible suppliers the opportunity to use supply chain financing, allowing suppliers that decide
\n
to use it to receive payment earlier than the invoice due date (see note 15 \u2018Trade and other payables\u2019). The Group
\n
does not provide any financial guarantees to the financial institutions that run the supply chain financing
\n
programme and continues to cash settle supplier payables in accordance with their contractual terms.
\n
Financial risk management
\n
The Group\u2019s treasury function centrally manages the Group\u2019s funding requirement, net foreign exchange
\n
exposure, interest rate management exposures and counterparty risk arising from investments and derivatives.
\n
Treasury operations are conducted within a framework of policies and guidelines authorised and reviewed by the
\n
Board, most recently in March 2023. Treasury risk management is overseen by a committee comprising of the
\n
Group\u2019s Chief Financial Officer, Group General Counsel and Company Secretary, Group Corporate Finance
\n
Director, Group Treasury Director and Group Director of Financial Controlling and Operations. The committee
\n
receives management information relating to treasury activities on a quarterly basis. The Group\u2019s Internal Auditor
\n
reviews the internal control environment regularly.
\n
No bonds issued by the Group or the Revolving Credit Facilities are subject to financial covenant ratios.
\n
Approximately \u20ac30 billion (2024: \u20ac32 billion) of issued bonds have a change of control clause. The Group uses
\n
derivative instruments for currency and interest rate risk management purposes that are transacted by specialist
\n
treasury personnel. The Group mitigates banking sector credit risk by the use of collateral support agreements.
\n
The Group\u2019s financial risk management policies seek to reduce the Group\u2019s exposure to any future disruption to
\n
financial markets, including any future impacts from global economic and political uncertainty and other macro
\n
economic events.
\n
The Group has combined cash and cash equivalent and investments included in net debt of \u20ac17.2 billion,
\n
providing significant headroom over short-term liquidity requirements. Additionally the Group maintains
\n
undrawn revolving credit facilities of \u20ac7.8 billion euro equivalent. As at 31 March 2025 and after hedging,
\n
substantially all the Group\u2019s borrowings are held on a fixed interest basis, mitigating exposure to interest rate risk.
\n
The Group has no significant currency exposures other than positions in economic hedging relationships. The
\n
Group\u2019s credit risk under financing activities is spread across a portfolio of highly rated institutions to reduce
\n
counterparty exposures and derivative balances are substantially all collateralised. The Group\u2019s operating
\n
activities result in customer credit risk, for which provisions for expected credit losses are recognised.
\n
Credit risk
\n
Credit risk is the risk that a counterparty will not meet its obligations under a financial asset leading to a
\n
financial loss for the Group. The Group is exposed to credit risk from its operating activities and from its
\n
financing activities, the Group considers its maximum exposure to credit risk at 31 March to be:
2025
2024
\u20acm
\u20acm
Cash and bank deposits (note 19)
8,871
4,168
Money market funds (note 19)
2,130
2,015
Managed investment funds (note 13)
3,141
2,024
Bonds and debt securities (note 13)
4,013
2,142
Collateral assets (note 13)
1,010
741
Other investments (note 13)
1,134
1,126
Derivative financial instruments (note 14)
4,197
4,226
Trade receivables (note 14)
1
5,717
5,513
Contract assets and other receivables (note 14)
4,605
4,067
Financial Guarantees
2
1,518
2,038
36,336
28,060
\n
Notes:
\n
1. Includes amounts guaranteed under sales of trade receivables \u20ac1,765 million (2024: \u20ac1,929 million).
\n
2. Principally comprises Vodafone Group Plc\u2019s guarantee of the Group\u2019s share in a multicurrency loan facility, amounting to US$1 billion
\n
and \u20ac0.6 billion (2024: US$1.0 billion and \u20ac0.6 billion), which forms part of its overall joint venture investment in TPG Telecom Ltd. The
\n
Group\u2019s share of these loan balances is included in the net investment in joint venture (see note 12 'Associates and joint arrangements').
\n
Financial guarantees also includes \u20acnil (2024: INR 42.5 billion) in relation to the secondary pledge over shares owned by Vodafone
\n
Group in Indus Towers (see note 29 'Contingent liabilities and legal proceedings').
\n\n
Financing activities
\n
The Group invests in government securities on the basis they generate a fixed rate of return and are amongst the
\n
most creditworthy of investments available.
\n
Investments are made in accordance with established internal treasury policies which dictate the scaled
\n
maximum exposure permissible in relation to an investment\u2019s long-term credit rating. The Group invests in AAA
\n
unsecured money market mutual funds, where the investment is limited to 10% of each fund; A to AAA
\n
government securities, both directly and through money market mutual funds; and has two managed
\n
investment funds that hold securities with an average credit quality of AA.
\n
In respect of financial instruments used by the Group\u2019s treasury function, the aggregate credit risk the Group may
\n
have with one counterparty is limited by reference to the long-term credit ratings assigned for that counterparty.
\n
Furthermore, collateral support agreements reduce the Group\u2019s exposure to counterparties who must post cash
\n
or non-cash collateral when there is value due to the Group under outstanding derivative contracts that exceeds
\n
a contractually agreed threshold amount. When value is due to the counterparty the Group is required to post
\n
collateral on identical terms. Such cash collateral is adjusted daily as necessary. Non-cash collateral is not
\n
recognised on balance sheet but it would become payable to the Group in the event of a counterparty default on
\n
the related derivative financial assets.
\n
In the event of any default, ownership of the collateral would revert to the respective holder at that point.
\n
Detailed below is the value of the cash collateral, which is reported within current borrowings, held by the Group
\n
at 31 March.
2025
2024
\u20acm
\u20acm
Collateral liabilities (note 21)
2,357
2,628
\n
In addition, as discussed in note 29 \u2018Contingent liabilities and legal proceedings\u2019, the Group has covenanted to
\n
provide security in favour of the trustee of the Vodafone Group UK Pension Scheme in respect of the funding
\n
deficit in the scheme. The Group has also pledged cash as collateral against derivative financial instruments as
\n
disclosed in note 13 \u2018Other investments\u2019.
\n
Operating activities
\n
Customer credit risk is managed by the Group\u2019s business units which each have policies, procedures and controls
\n
relating to customer credit risk management. Outstanding trade receivables and contract assets are regularly
\n
reviewed to monitor any changes in credit risk with concentrations of credit risk considered to be limited given
\n
that the Group\u2019s customer base is large and unrelated. The Group applies the simplified approach and records
\n
lifetime expected credit losses for trade receivables and contract assets. Expected credit losses are measured
\n
using historical cash collection data for periods of at least 24 months wherever possible and grouped into various
\n
customer segments based on product or customer type. The historical loss rates are adjusted where
\n
macroeconomic factors, for example changes in interest rates or unemployment rates, or other commercial
\n
factors are expected to have a significant impact when determining future expected credit loss rates.
\n
For trade receivables the expected credit loss provision is calculated using a provision matrix, in which the
\n
provision increases as balances age, and for receivables paid in instalments and contract assets a weighted loss
\n
rate is calculated to reflect the period over which the amounts become due for payment by the customer. Trade
\n
receivables and contract assets are written off when each business unit determines there to be no reasonable
\n
expectation of recovery and enforcement activity has ceased.
\n
Movements in the allowance for expected credit losses during the year were as follows:
Trade receivables held
Trade receivables held
at fair value through
Contract assets
at amortised cost
other comprehensive income
2025
2024
2025
2024
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April
20
78
765
1,149
78
71
Exchange movements
1
(1)
(7)
(41)
\u2013
1
Amounts charged to credit losses
on financial assets
85
96
360
419
31
82
Transfer of assets held for sale
\u2013
(31)
\u2013
(324)
\u2013
(16)
Other
1
(60)
(122)
(253)
(438)
(32)
(60)
31 March
46
20
865
765
77
78
\n
Note:
\n
1. Primarily utilisation of the provision by way of write-off.
\n
Expected credit losses are presented as net credit losses on financial assets within operating profit and
\n
subsequent recoveries of amounts previously written off are credited against the same line item.
\n
The majority of the Group\u2019s trade receivables are due for maturity within 90 days and largely comprise amounts
\n
receivable from consumers and business customers. The table below presents information on trade receivables
\n
past due\u00b9 and their associated expected credit losses:
Trade receivables at amortised cost past due
30 days
31\u201360
61\u2013180
180
Due
or less
days
days
days+
Total
31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Gross carrying amount
2,553
400
134
284
736
4,107
Expected credit loss allowance
(67)
(59)
(27)
(129)
(583)
(865)
Net carrying amount
2,486
341
107
155
153
3,242
Trade receivables at amortised cost past due
30 days
31\u201360
61\u2013180
180
Due
or less
days
days
days+
Total
31 March 2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Gross carrying amount
2,199
347
122
308
638
3,614
Expected credit loss allowance
(52)
(56)
(26)
(111)
(520)
(765)
Net carrying amount
2,147
291
96
197
118
2,849
\n
Note:
\n
1. Contract assets relate to amounts not yet due from customers. These amounts will be reclassified as trade receivables before they
\n
become due. Trade receivables at fair value through other comprehensive income are not materially past due.
\n
Liquidity risk
\n
Liquidity is reviewed daily on at least a 12-month rolling basis and stress tested on the assumption that any
\n
commercial paper outstanding matures and is not reissued. The Group maintains substantial cash and cash
\n
equivalents which at 31 March 2025 amounted
to cash \u20ac11.0
billion (2024:
\u20ac6.2 billion) and undrawn committed
\n
facilities of \u20ac8.0
billion (2024:
\u20ac8.0 billion), principally US dollar and euro revolving credit facilities of US$4.0
\n
billion (\u20ac3.7
billion) and \u20ac4.1 billion and which mature in 2028 and 2030
respectively. The Group manages
\n
liquidity risk on non-current borrowings by maintaining a varied maturity profile with a cap on the level of debt
\n
maturity in any one calendar year, therefore minimising refinancing risk. Non-current borrowings mature
\n
between 1 and 61 years.
\n
The maturity profile
of the anticipated future cash flows including interest in relation to the Group\u2019s non-
\n
derivative financial liabilities on an undiscounted basis which, therefore, differs from both the carrying value and
\n
fair value, is as follows:
Trade
payables and
Lease
Total
other financial
Bank loans
Bonds
liabilities
Other
2
Borrowings
liabilities
3
Total
Maturity profile
1
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Within one year
223
3,626
2,765
2,969
9,583
11,719
21,302
One to two years
171
4,426
2,081
253
6,931
138
7,069
Two to three years
79
2,034
1,756
673
4,542
\u2013
4,542
Three to four years
176
2,628
1,434
469
4,707
\u2013
4,707
Four to five years
69
4,893
965
422
6,349
\u2013
6,349
More than five years
769
41,898
3,868
90
46,625
\u2013
46,625
1,487
59,505
12,869
4,876
78,737
11,857
90,594
Effect of discount /
financing rates
(274)
(23,103)
(2,043)
(174)
(25,594)
(8)
(25,602)
31 March 2025
1,213
36,402
10,826
4,702
53,143
11,849
64,992
Within one year
365
2,871
2,603
4,747
10,586
10,891
21,477
One to two years
140
5,860
1,984
247
8,231
128
8,359
Two to three years
27
5,608
1,599
245
7,479
\u2013
7,479
Three to four years
91
2,310
1,461
226
4,088
\u2013
4,088
Four to five years
161
3,437
1,129
422
5,149
\u2013
5,149
More than five years
72
40,826
2,366
277
43,541
\u2013
43,541
856
60,912
11,142
6,164
79,074
11,019
90,093
Effect of discount /
financing rates
(89)
(20,169)
(1,470)
(359)
(22,087)
(7)
(22,094)
31 March 2024
767
40,743
9,672
5,805
56,987
11,012
67,999
\n
Notes:
\n
1.
Maturities reflect contractual cash flows applicable except in the event of a change of control or event of default, upon which lenders
\n
have the right, but not the obligation, to request payment within 30 days. This also applies to undrawn committed facilities. There is no
\n
debt that is subject to a material adverse change clause. Where there is a choice of contractual cash flow dates, principally on \u2018hybrid
\n
bonds\u2019, the expected settlement date is used.
\n
2.
Includes spectrum licence payables with maturity profile \u20ac187
million (2024:
\u20ac153 million)
within one year, \u20ac187
million (2024:
\u20ac187
\n
million) in one to two years, \u20ac187
million (2024:
\u20ac187 million)
in two to three years, \u20ac187
million (2024:
\u20ac187 million) in three to four
\n
years, \u20ac187
million (2024:
\u20ac187 million)
in four to five years and \u20ac89
million (2024:
\u20ac276 million) in more than five years. Also includes
\n
\u20ac2,357 million (2024:
\u20ac2,628 million) in relation to cash received under collateral support agreements shown within 1 year.
\n
3.
Includes financial liabilities under put option arrangements and non-derivative financial liabilities presented within trade and other
\n
payables.
\n
The maturity profile of the Group\u2019s financial derivatives (which include interest rate swaps, cross-currency
\n
interest rate swaps and foreign exchange swaps) using undiscounted cash flows, is as follows:
2025
2024
Payable
1
Receivable
1
Total
Payable
1
Receivable
1
Total
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Within one year
(8,207)
8,792
585
(7,181)
7,886
705
In one to two years
(5,780)
6,180
400
(4,984)
5,466
482
In two to three years
(2,363)
2,807
444
(5,496)
5,910
414
In three to four years
(5,782)
6,326
544
(2,457)
2,909
452
In four to five years
(4,174)
4,666
492
(3,451)
4,020
569
In more than five years
(47,357)
53,987
6,630
(40,415)
46,561
6,146
(73,663)
82,758
9,095
(63,984)
72,752
8,768
Effect of discount/financing rates
(6,804)
(6,066)
Financial derivative net receivable
2,291
2,702
\n
Note:
\n
1.
Payables and receivables are stated separately in the table above where cash settlement is on a gross basis.
\n
Market risk
\n
Interest rate management
\n
Under the Group\u2019s interest rate management
policy, interest rates on long-term monetary assets and liabilities
\n
are principally maintained on a fixed rate basis.
\n
At 31 March 2025 and after hedging, substantially all of our outstanding liabilities are held on a fixed interest rate
\n
basis in accordance with treasury policy.
\n
For each one hundred basis point rise in market interest rates for all currencies in which the Group had
\n
borrowings at 31 March 2025 there would be a decrease
in profit before tax by \u20ac26
million (2024:
\u20ac13 million
\n
increase) including mark to market revaluations of interest rate and other derivatives and the potential interest
\n
on cash and short-term investments. There would be no material impact on equity.
\n
At 31 March 2025, the Group had limited exposure through interest rate derivatives and floating rate bonds
\n
referencing LIBOR and other interbank offered rates (IBORs).
\n\n
Foreign exchange management
\n
As Vodafone\u2019s primary listing is on the London Stock Exchange its share price is quoted in sterling. Since the
\n
sterling share price represents the value of its future multi-currency cash flows, principally in euro, South African
\n
rand and sterling, the Group maintains the currency of debt and interest charges in proportion to its expected
\n
future principal cash flows and has a policy to hedge external foreign exchange risks on transactions
\n
denominated in other currencies above a certain de minimis level.
\n
At 31 March 2025 9% of net debt was denominated in currencies other than euro (4% South African rand and 5%
\n
other). This allows South African rand to be serviced in proportion to expected future cash flows and therefore
\n
provides a partial economic hedge against income statement translation exposure.
\n
Under the Group\u2019s foreign exchange management policy, foreign exchange transaction exposure in Group
\n
companies is generally maintained at the lower of \u20ac5 million per currency per month or \u20ac15 million per currency
\n
over a six-month period.
\n
The Group recognises foreign exchange movements in equity for the translation of net investment hedging
\n
instruments and balances treated as investments in foreign operations. However, there is no net impact on
\n
equity for exchange rate movements on net investment hedging instruments as there would be an offset in the
\n
currency translation of the foreign operation. At 31 March 2025 the Group held financial liabilities in a net
\n
investment hedge against the Group\u2019s South African rand operations. Sensitivity to foreign exchange movements
\n
on the hedging liabilities, analysed against a strengthening of the South African rand by 9% (2024: 10%) would
\n
result in a decrease in equity of \u20ac106 million (2024: \u20ac154 million) which would be fully offset by foreign
\n
exchange movements on the hedged net assets. In addition, cash flow hedges of principally US dollar
\n
borrowings would result in an increase in equity of \u20ac34 million (2024: \u20ac73million) against a strengthening of US
\n
dollar by 1% (2024: 3%).
\n
The Group income statement is exposed to foreign exchange risk from both the generation of profits and losses
\n
in currencies other than euro and from the translation of balance sheet items not held in functional currency.
\n
The following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage movement applied to
\n
the currency is based on the average movements in the previous three annual reporting periods.
2025
2024
\u20acm
\u20acm
Increase/ (decrease) in Profit before taxation
EGP 41% change (2024: 43%)
224
191
TRY 38% change (2024: 54%)
118
104
ZAR 9% change (2024: 10%)
114
60
GBP 3% change (2024: 2%)
(27)
(50)
\n
Equity risk
\n
There is no material equity risk relating to the Group\u2019s equity investments which are detailed in note 13 \u2018Other
\n
investments\u2019.
\n
Risk management strategy of hedge relationships
\n
The risk strategies of the designated cash flow, fair value, and net investment hedges reflect the above market
\n
risk strategies.
\n
The objective of the cash flow hedges is principally to convert foreign currency denominated fixed rate
\n
borrowings in US dollar, Pound sterling, Australian dollar, Swiss franc, Hong Kong dollar, Japanese yen,
\n
Norwegian krona and floating rate borrowings into euro fixed rate borrowings and hedge the foreign exchange
\n
spot rate and interest rate risk. There are also cash flow hedges of certain subsidiary expenditure not
\n
denominated in functional currency of the entity, to hedge foreign exchange risk. Derivative financial
\n
instruments designated in cash flow hedges are cross-currency interest rate swaps and foreign exchange swaps
\n
and forwards. The swap maturity dates and liquidity profiles of the nominal cash flows match those of the
\n
underlying borrowings and exposures.
\n
The objective of the net investment hedges is to hedge foreign exchange risk in foreign operations. Derivative
\n
financial instruments designated in net investment hedges are cross-currency interest rate swaps and foreign
\n
exchange swaps. The hedging instruments are rolled on an ongoing basis as determined by the nature of the
\n
business.
\n
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
\n
effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging
\n
instrument.
\n
For hedges of foreign currency denominated borrowings and investments, the Group uses a combination of
\n
cross-currency and foreign exchange swaps to hedge its exposure to foreign exchange risk and interest rate risk
\n
and enters into hedge relationships where the critical terms of the hedging instrument match with the terms of
\n
the hedged item. Therefore, the Group expects a highly effective hedging relationship with the swap contracts
\n
and the value of the corresponding hedged items to change systematically in the opposite direction in response
\n
to movements in the underlying exchange rates and interest rates. The Group therefore performs a qualitative
\n
assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the
\n
critical terms no longer match with the critical terms of the hedging instrument, the Group uses the hypothetical
\n
derivative method to assess effectiveness. Hedge ineffectiveness may occur due to:
\n
a) The fair value of the hedging instrument on the hedge relationship designation date if the fair value is not nil;
\n
b) Changes in the contractual terms or timing of the payments on the hedged item; and
\n
c) A change in the credit risk of the Group or the counterparty with the hedging instrument.
\n
The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument
\n
and the quantity of the hedged item to determine their relative weighting; for all of the Group\u2019s existing hedge
\n
relationships the hedge ratio has been determined as 1:1.
\n
The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net
\n
present values using appropriate market rates and foreign currency rates prevailing at 31 March. The valuation
\n
basis is level 2 of the fair value hierarchy. This classification comprises items where fair value is determined from
\n
inputs other than quoted prices that are observable for the asset and liability, either directly or indirectly.
\n
Derivative financial assets and liabilities are included within trade and other receivables and trade and other
\n
payables in the statement of financial position.
\n\n
The table below shows the carrying values and nominal amounts of derivatives in a continued hedge relationship as at 31 March.
Other comprehensive income
Weighted average
Carrying
Carrying
Opening
(Gain)/loss
Gain/(Loss)
Closing
Euro
Nominal
value
value
balance
deferred
recycled to
balance
Maturity
interest
amounts
assets
liabilities
1 April 2024
to OCI
financing costs
31 March 2025
1
year
FX rate
rate
At 31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
%
Cash flow hedges - foreign currency risk
2
Cross-currency and foreign exchange swaps:
- US dollar bonds
16,097
2,245
138
(810)
(307)
56
(1,061)
2044
1.15
3.51
- Australian dollar bonds
163
\u2013
11
(13)
14
(2)
(1)
2027
1.56
1.58
- Swiss franc bonds
204
37
\u2013
(10)
(23)
24
(9)
2030
1.08
1.53
- Pound sterling bonds
4,642
58
444
333
86
70
489
2043
0.86
3.84
- Hong Kong dollar bonds
216
20
\u2013
\u2013
(4)
3
(1)
2028
9.14
1.62
- Japanese yen bonds
78
\u2013
14
(6)
2
1
(3)
2037
128.53
2.47
- Norwegian krona bonds
25
\u2013
4
(5)
3
2
\u2013
2025
9.25
0.37
- Foreign exchange forwards
3
\u2013
\u2013
\u2013
(42)
(1)
43
\u2013
\u2013
\u2013
\u2013
Cash flow hedges - foreign currency and interest rate risk
2
Cross currency swaps - US dollar bonds
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Net investment hedge - foreign exchange risk
4
Cross currency and foreign exchange swaps - South African rand investment
1,203
124
\u2013
898
96
\u2013
994
2026
17.62
2.76
22,628
2,484
611
345
(134)
197
408
Other comprehensive income
Weighted average
Carrying
Carrying
Opening
(Gain)/loss
Gain/(Loss)
Closing
Euro
Nominal
value
value
balance
deferred
recycled to
balance
Maturity
interest
amounts
assets
liabilities
1 April 2023
to OCI
financing costs
31 March 2024
1
year
FX rate
rate
At 31 March 2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
%
Cash flow hedges - foreign currency risk
2
Cross-currency and foreign exchange swaps:
- US dollar bonds
16,756
2,689
188
(2,709)
1,775
124
(810)
2039
1.18
3.29
- Australian dollar bonds
288
\u2013
2
(21)
14
(6)
(13)
2027
1.56
1.57
- Swiss franc bonds
624
80
\u2013
(3)
(22)
15
(10)
2026
1.08
1.57
- Pound sterling bonds
4,771
45
362
(37)
244
126
333
2043
0.86
4.05
- Hong Kong dollar bonds
233
20
\u2013
(5)
2
3
\u2013
2028
9.08
1.92
- Japanese yen bonds
78
\u2013
11
(12)
15
(9)
(6)
2037
128.53
2.47
- Norwegian krona bonds
241
\u2013
47
(12)
13
(6)
(5)
2026
9.15
1.12
- Foreign exchange forwards
3
287
\u2013
42
(34)
(15)
7
(42)
2024
29.88
\u2013
Cash flow hedges - foreign currency and interest rate risk
2
Cross currency swaps - US dollar bonds
\u2013
\u2013
\u2013
(11)
11
\u2013
\u2013
\u2013
\u2013
\u2013
Net investment hedge - foreign exchange risk
4
Cross currency and foreign exchange swaps - South African rand investment
1,505
176
\u2013
952
(54)
\u2013
898
2026
17.81
2.19
24,783
3,010
652
(1,892)
1,983
254
345
\n
Notes:
\n
1.
Fair value movement deferred into other comprehensive income includes \u20ac200 million gain (2024: \u20ac251 million loss) and \u20ac1 million gain (2024: \u20ac10 million gain) of foreign currency basis outside the cash flow and net investment hedge relationships respectively.
\n
2.
For cash flow hedges, the movement in the hypothetical derivative (hedged item) mirrors that of the hedging instrument. Hedge ineffectiveness of the swaps designated in a cash flow hedge during the period was \u20ac28 million (2024: \u20ac67 million).
\n
3.
Includes euro and US dollar forward contracts against Turkish lira to hedge foreign currency forecast expenditures in local markets. Notional amounts of \u20acnil (2024: \u20ac166 million) and $nil (2024: $130 million or \u20ac121 million equivalent) with weighted average exchange rates of nil (2024: 29.68) and nil (2024:
\n
30.15) respectively to Turkish lira.
\n
4.
Hedge ineffectiveness of swaps designated in a net investment hedge during the period was \u20acnil (2024: \u20acnil).
\n
The carrying value of bonds includes an additional \u20ac457 million loss (2024: \u20ac710 million loss) in relation to fair value of other bonds previously designated in fair value hedge relationships.
Changes in assets and liabilities arising from financing activities
The tables below present the changes in assets and liabilities arising from financing activities at 31 March 2025 and 31 March 2024.
Assets and
liabilities
Financial
arisi
Derivative
liabilities
from
assets and
under
Other
financing
Borrowings
liabilities
put options
liabilities
3
activities
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2024
56,987
(2,702)
\u2013
105
54,390
Cash movements
Proceeds from issuance of long-term
borrowings
4,680
\u2013
\u2013
\u2013
4,680
Repayment of borrowings
1
(12,963)
\u2013
\u2013
\u2013
(12,963)
Net movement in short-term borrowings
78
\u2013
\u2013
\u2013
78
Net movement in derivatives
\u2013
404
\u2013
\u2013
404
Interest paid
1
(2,975)
348
4
(82)
(2,705)
Purchase of treasury shares
\u2013
\u2013
\u2013
(1,868)
(1,868)
Non-cash movements
Fair value movements
\u2013
(45)
\u2013
\u2013
(45)
Foreign exchange
121
61
\u2013
(4)
178
Interest costs
2
2,196
(356)
\u2013
43
1,883
Lease additions
4,361
\u2013
\u2013
\u2013
4,361
Other
658
(1)
93
2,000
2,750
31 March 2025
53,143
(2,291)
97
194
51,143
Assets and
liabilities
Financial
arisi
Derivative
liabilities
from
assets and
under
Other
financing
Borrowings
liabilities
put options
liabilities
activities
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2023
66,390
(4,702)
485
103
62,276
Cash movements
Proceeds from issuance of long-term
borrowings
1,533
\u2013
\u2013
\u2013
1,533
Repayment of borrowings
1
(10,106)
\u2013
\u2013
\u2013
(10,106)
Net movement in short-term borrowings
(1,636)
\u2013
\u2013
\u2013
(1,636)
Net movement in derivatives
\u2013
144
\u2013
\u2013
144
Interest paid
1
(2,531)
272
(17)
(54)
(2,330)
Other
\u2013
\u2013
(493)
\u2013
(493)
Non-cash movements
Fair value movements
\u2013
2,233
\u2013
\u2013
2,233
Foreign exchange
61
(231)
\u2013
1
(169)
Interest costs
2
2,766
(395)
13
56
2,440
Lease additions
3,915
\u2013
\u2013
\u2013
3,915
Transfer of assets and liabilities held for sale
(3,455)
(23)
\u2013
(1)
(3,479)
Other
50
\u2013
12
\u2013
62
31 March 2024
56,987
(2,702)
\u2013
105
54,390
Notes:
1. Includes \u20acnil (2024: \u20ac1,136 million) in Repayment of borrowings and \u20acnil (2024: \u20ac103 million) in Interest paid that are presented within Cash
outflows from discontinued operations in the Consolidated statement of cash flows.
2. Includes \u20acnil (2024: \u20ac111 million) of Interest costs presented within Discontinued operations in the Consolidated income statement.
3. Movement in Other liabilities primarily relate to share buyback programmes.
\n\n
Fair value and carrying value information
\n
The carrying value and valuation basis of the Group\u2019s financial assets are set out in notes 13 \u2018Other investments\u2019,
\n
14 \u2018Trade and other receivables\u2019 and 19 \u2018Cash and cash equivalents\u2019. For all financial assets held at amortised cost
\n
the carrying values approximate fair value except as disclosed in note 13 \u2018Other investments\u2019.
\n
The carrying value and valuation basis of the Group\u2019s financial liabilities are set out in notes 15 \u2018Trade and other
\n
payables\u2019 and 21 \u2018Borrowings\u2019. The carrying values approximate fair value for the Group\u2019s trade payables and
\n
other payables categories. For other financial liabilities a comparison of fair value and carrying value is disclosed
\n
in note 21 \u2018Borrowings\u2019.
\n
Level 3 financial instruments
\n
The Group\u2019s borrowings include \u20acnil (2024: \u20ac1,720 million) of bank borrowings that were secured against the
\n
Group\u2019s shareholdings in Indus Towers and Vodafone Idea (see note 12 \u2018Associates and joint arrangements\u2019 for
\n
further details of these assets) that were repaid during the year through the sale of the shareholding in Indus
\n
Towers. This arrangement contained an embedded derivative option which was separately fair valued. The 31
\n
March 2024 valuation of the embedded derivative asset of \u20ac22 million was presented within derivative assets in
\n
current assets (see note 14 \u2018Trade and other receivables\u2019).
\n
A Black Scholes model for European put options was used as a valuation model and primarily used market inputs
\n
(quoted share prices and volatilities for Indus Towers and Vodafone Idea) along with a strike price equal to the
\n
amount payable under the loan. The valuation included an unobservable adjustment to reflect the potential
\n
timeframe to settle the loan and was modelled using a range of potential durations up to 30 September 2025. As
\n
a result of this unobservable adjustment, the option was classified as a level 3 instrument under the fair value
\n
hierarchy.
\n
Following the completion of the sale of Vodafone Spain on 31 May 2024 (See note 7 \u2018Discontinued operations
\n
and assets held for sale\u2019), the Group received the non-cash consideration component in the form of \u20ac900 million
\n
Redeemable Preference Shares (\u2018RPS\u2019) issued by EJLSHM Funding Ltd (\u2018EJLSHM\u2019). The RPS will be redeemed 6
\n
years after completion, or earlier if there is a material liquidity event or exit from Zegona that releases funds to its
\n
shareholders. The RPS have a nominal value, including accrued interest, of \u20ac937 million on 31 March 2025.
\n
EJLSHM subscribed for new ordinary shares in Zegona, equivalent to the value of the RPS, the future proceeds
\n
from which will be used to repay the RPS. Per the contractual arrangement, these ordinary shares do not carry
\n
voting rights, and their value is capped at the nominal value, including accrued interest, of the RPS. EJSHM is a
\n
consolidated special purpose entity for the Group, resulting in the elimination of the RPS and the recognition of
\n
an investment in the Zegona shares for the Group. The Zegona shares are recorded at fair value through profit
\n
and loss and have a fair value of \u20ac937 million on 31 March 2025.
\n
The valuation approach for the Zegona shares reflects the contractual terms of the RPS arrangement and utilises
\n
a bespoke option model which draws on observable Level 2 market data inputs, including bond yields, share
\n
prices, and foreign exchange rates. The model also includes certain key inputs that requires judgement. These
\n
include the timing of when EJLSHM will sell its shares in Zegona to settle its RPS liability to the Group, Zegona\u2019s
\n
share price volatility and the share\u2019s expected dividend yield.
\n
The only judgement that has a material impact on the valuation is the Zegona share price volatility. An
\n
increase/(decrease) of the share price volatility by 10% would have \u20acnil impact due to fair value being capped at
\n
the nominal value of the RPS, including accrued interest at 31 March 2025.
\n
Net financial instruments
\n
The table below shows the Group\u2019s financial assets and liabilities that are subject to offset in the balance sheet
\n
and the impact of enforceable master netting or similar agreements.
Related amounts not set off in the balance sheet
Amounts
Right of set off
Collateral
presented in
with derivative
(liabilities)/
Gross amount
Amount set off
balance sheet
counterparties
assets
1
Net amount
At 31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Derivative financial assets
4,197
\u2013
4,197
(1,146)
(2,357)
694
Derivative financial liabilities
(1,906)
\u2013
(1,906)
1,146
1,010
250
Total
2,291
\u2013
2,291
\u2013
(1,347)
944
Related amounts not set off in the balance sheet
Amounts
Right of set off
Collateral
presented in
with derivative
(liabilities)/
Gross amount
Amount set off
balance sheet
counterparties
assets
1
Net amount
At 31 March 2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Derivative financial assets
4,226
\u2013
4,226
(899)
(2,628)
699
Derivative financial liabilities
(1,524)
\u2013
(1,524)
899
741
116
Total
2,702
\u2013
2,702
\u2013
(1,887)
815
\n
Note:
\n
1. Excludes non-cash collateral of \u20ac613 million (2024: \u20ac370 million) which is not recognised on balance sheet, but which would become
\n
payable to the Group in the event of a counterparty default on the related derivative financial assets.
\n
Financial assets and liabilities are offset and the net amount reported in the consolidated balance sheet when
\n
there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net
\n
basis or realise the asset and settle the liability simultaneously. Derivative financial instruments that do not meet
\n
the criteria for offset could be settled net in certain circumstances under ISDA (\u2018International Swaps and
\n
Derivatives Association\u2019) agreements where each party has the option to settle amounts on a net basis in the
\n
event of default from the other. Collateral may be offset and net settled against derivative financial instruments
\n
in the event of default by either party. The aforementioned collateral balances are recorded in notes 13 \u2018Other
\ninvestments\u2019 or 21 \u2018Borrowings\u2019 respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00906": { "value": "Derivative financial instruments and hedge accounting
The Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which
\n
it manages using derivative financial instruments. The use of financial derivatives is governed by the Group\u2019s
\n
policies approved by the Board of Directors, which provide written principles on the use of financial derivatives
\n
consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments
\n
for speculative purposes.
\n
The Group designates certain derivatives as:
\n
\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\n
\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm
\n
commitments (\u2018cash flow hedges\u2019); or
\n
\u2212
hedges of net investments in foreign operations.
\n
Derivative financial instruments are initially measured at fair value on the contract date and are subsequently re-
\n
measured to fair value at each reporting date. Changes in values of all derivatives of a financing nature are
\n
included within investment income and financing costs in the income statement unless designated in an
\n
effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective
\n
portion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at
\n
the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure
\n
that an economic relationship exists between the hedged item and hedging instrument. For fair value hedges,
\n
the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk, with gains and
\n
losses recognised in the income statement.
\n
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no
\n
longer qualifies for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in
\n
other comprehensive income at that time remains in equity and is recognised in the income statement when the
\n
hedged transaction is ultimately recognised in the income statement.
\n
For cash flow hedges, when the hedged item is recognised in the income statement, amounts previously
\n
recognised in other comprehensive income and accumulated in equity for the hedging instrument are
\n
reclassified to the income statement. However, when the hedged transaction results in the recognition of a non-
\n
financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive
\n
income and accumulated in equity are transferred from equity and included in the initial measurement of the
\n
cost of the non-financial asset or non-financial liability. If a forecast transaction is no longer expected to occur,
\n
the gain or loss accumulated in equity is recognised immediately in the income statement.
\n
For net investment hedges, gains and losses accumulated in other comprehensive income are included in the
income statement when the foreign operation is disposed of. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00907": { "value": "Derivative financial instruments and hedge accounting
The Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which
\n
it manages using derivative financial instruments. The use of financial derivatives is governed by the Group\u2019s
\n
policies approved by the Board of Directors, which provide written principles on the use of financial derivatives
\n
consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments
\n
for speculative purposes.
\n
The Group designates certain derivatives as:
\n
\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\n
\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm
\n
commitments (\u2018cash flow hedges\u2019); or
\n
\u2212
hedges of net investments in foreign operations.
\n
Derivative financial instruments are initially measured at fair value on the contract date and are subsequently re-
\n
measured to fair value at each reporting date. Changes in values of all derivatives of a financing nature are
\n
included within investment income and financing costs in the income statement unless designated in an
\n
effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective
\n
portion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at
\n
the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure
\n
that an economic relationship exists between the hedged item and hedging instrument. For fair value hedges,
\n
the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk, with gains and
\n
losses recognised in the income statement.
\n
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no
\n
longer qualifies for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in
\n
other comprehensive income at that time remains in equity and is recognised in the income statement when the
\n
hedged transaction is ultimately recognised in the income statement.
\n
For cash flow hedges, when the hedged item is recognised in the income statement, amounts previously
\n
recognised in other comprehensive income and accumulated in equity for the hedging instrument are
\n
reclassified to the income statement. However, when the hedged transaction results in the recognition of a non-
\n
financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive
\n
income and accumulated in equity are transferred from equity and included in the initial measurement of the
\n
cost of the non-financial asset or non-financial liability. If a forecast transaction is no longer expected to occur,
\n
the gain or loss accumulated in equity is recognised immediately in the income statement.
\n
For net investment hedges, gains and losses accumulated in other comprehensive income are included in the
income statement when the foreign operation is disposed of. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00908": { "value": "Derivative financial instruments and hedge accounting
The Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which
\n
it manages using derivative financial instruments. The use of financial derivatives is governed by the Group\u2019s
\n
policies approved by the Board of Directors, which provide written principles on the use of financial derivatives
\n
consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments
\n
for speculative purposes.
\n
The Group designates certain derivatives as:
\n
\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\n
\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm
\n
commitments (\u2018cash flow hedges\u2019); or
\n
\u2212
hedges of net investments in foreign operations.
\n
Derivative financial instruments are initially measured at fair value on the contract date and are subsequently re-
\n
measured to fair value at each reporting date. Changes in values of all derivatives of a financing nature are
\n
included within investment income and financing costs in the income statement unless designated in an
\n
effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective
\n
portion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at
\n
the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure
\n
that an economic relationship exists between the hedged item and hedging instrument. For fair value hedges,
\n
the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk, with gains and
\n
losses recognised in the income statement.
\n
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no
\n
longer qualifies for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in
\n
other comprehensive income at that time remains in equity and is recognised in the income statement when the
\n
hedged transaction is ultimately recognised in the income statement.
\n
For cash flow hedges, when the hedged item is recognised in the income statement, amounts previously
\n
recognised in other comprehensive income and accumulated in equity for the hedging instrument are
\n
reclassified to the income statement. However, when the hedged transaction results in the recognition of a non-
\n
financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive
\n
income and accumulated in equity are transferred from equity and included in the initial measurement of the
\n
cost of the non-financial asset or non-financial liability. If a forecast transaction is no longer expected to occur,
\n
the gain or loss accumulated in equity is recognised immediately in the income statement.
\n
For net investment hedges, gains and losses accumulated in other comprehensive income are included in the
income statement when the foreign operation is disposed of. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00893": { "value": "Capital management
The following table summarises the capital of the Group at 31 March:
2025
2024
\u20acm
\u20acm
Borrowings (note 21)
53,143
56,987
Cash and cash equivalents (note 19)
(11,001)
(6,183)
Derivative financial instruments included in trade and other receivables (note 14)
(4,197)
(4,226)
Derivative financial instruments included in trade and other payables (note 15)
1,906
1,524
Non-current investments in sovereign securities (note 13)
(913)
\u2013
Short-term investments (note 13)
(5,280)
(3,225)
Collateral assets (note 13)
(1,010)
(741)
Financial liabilities under put option arrangements
97
\u2013
Equity
53,916
60,998
Capital
86,661
105,134
\n
The Group\u2019s policy is to borrow centrally using a mixture of long-term and short-term capital market issues and
\n
borrowing facilities to meet anticipated funding requirements. These borrowings, together with cash generated
\n
from operations, are loaned internally or contributed as equity to certain subsidiaries.
\n
Dividends from joint ventures and associates and to non-controlling shareholders
\n
Dividend policies within shareholder agreements for certain of the Group\u2019s associates and joint ventures give the
\n
Group certain rights to receive dividends but are generally paid at the discretion of the Board of Directors or
\n
shareholders. We do not have existing obligations to pay dividends to non-controlling interest partners of our
\n
subsidiaries. The amount of dividends received and paid in the year are disclosed in the consolidated statement
\n
of cash flows.
\n\n
Sale of trade receivables
\n
During the year, the Group sold certain trade receivables to a number of financial institutions. Whilst there are no
\n
repurchase obligations in respect of these receivables, the Group provided credit guarantees which would only
\n
become payable if default rates were significantly higher than historical rates. The credit guarantee is not
\n
considered substantive and substantially all risks and rewards associated with the receivables passed to the
\n
purchaser at the date of sale, therefore the receivables were derecognised. The maximum payable under the
\n
guarantees at 31 March 2025 was \u20ac1,765 million (2024: \u20ac1,929 million). No provision has been made in respect
\n
of these guarantees as the likelihood of a cash outflow has been assessed as remote.
\n
Supply chain financing arrangements
\n
The Group offers eligible suppliers the opportunity to use supply chain financing, allowing suppliers that decide
\n
to use it to receive payment earlier than the invoice due date (see note 15 \u2018Trade and other payables\u2019). The Group
\n
does not provide any financial guarantees to the financial institutions that run the supply chain financing
\nprogramme and continues to cash settle supplier payables in accordance with their contractual terms.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00894": { "value": "
2025
2024
\u20acm
\u20acm
Borrowings (note 21)
53,143
56,987
Cash and cash equivalents (note 19)
(11,001)
(6,183)
Derivative financial instruments included in trade and other receivables (note 14)
(4,197)
(4,226)
Derivative financial instruments included in trade and other payables (note 15)
1,906
1,524
Non-current investments in sovereign securities (note 13)
(913)
\u2013
Short-term investments (note 13)
(5,280)
(3,225)
Collateral assets (note 13)
(1,010)
(741)
Financial liabilities under put option arrangements
97
\u2013
Equity
53,916
60,998
Capital
86,661
105,134
2025
2024
\u20acm
\u20acm
Cash and bank deposits (note 19)
8,871
4,168
Money market funds (note 19)
2,130
2,015
Managed investment funds (note 13)
3,141
2,024
Bonds and debt securities (note 13)
4,013
2,142
Collateral assets (note 13)
1,010
741
Other investments (note 13)
1,134
1,126
Derivative financial instruments (note 14)
4,197
4,226
Trade receivables (note 14)
1
5,717
5,513
Contract assets and other receivables (note 14)
4,605
4,067
Financial Guarantees
2
1,518
2,038
36,336
28,060
The maturity profile of the Group\u2019s financial derivatives (which include interest rate swaps, cross-currency
interest rate swaps and foreign exchange swaps) using undiscounted cash flows, is as follows:
2025
2024
Payable
1
Receivable
1
Total
Payable
1
Receivable
1
Total
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Within one year
(8,207)
8,792
585
(7,181)
7,886
705
In one to two years
(5,780)
6,180
400
(4,984)
5,466
482
In two to three years
(2,363)
2,807
444
(5,496)
5,910
414
In three to four years
(5,782)
6,326
544
(2,457)
2,909
452
In four to five years
(4,174)
4,666
492
(3,451)
4,020
569
In more than five years
(47,357)
53,987
6,630
(40,415)
46,561
6,146
(73,663)
82,758
9,095
(63,984)
72,752
8,768
Effect of discount/financing rates
(6,804)
(6,066)
Financial derivative net receivable
2,291
2,702
\n
Note:
\n
1.
Payables and receivables are stated separately in the table above where cash settlement is on a gross basis.
\n
Market risk
\n
Interest rate management
\n
Under the Group\u2019s interest rate management
policy, interest rates on long-term monetary assets and liabilities
\n
are principally maintained on a fixed rate basis.
\n
At 31 March 2025 and after hedging, substantially all of our outstanding liabilities are held on a fixed interest rate
\n
basis in accordance with treasury policy.
\n
For each one hundred basis point rise in market interest rates for all currencies in which the Group had
\n
borrowings at 31 March 2025 there would be a decrease
in profit before tax by \u20ac26
million (2024:
\u20ac13 million
\n
increase) including mark to market revaluations of interest rate and other derivatives and the potential interest
\n
on cash and short-term investments. There would be no material impact on equity.
\n
At 31 March 2025, the Group had limited exposure through interest rate derivatives and floating rate bonds
\n
referencing LIBOR and other interbank offered rates (IBORs).
\n\n
Foreign exchange management
\n
As Vodafone\u2019s primary listing is on the London Stock Exchange its share price is quoted in sterling. Since the
\n
sterling share price represents the value of its future multi-currency cash flows, principally in euro, South African
\n
rand and sterling, the Group maintains the currency of debt and interest charges in proportion to its expected
\n
future principal cash flows and has a policy to hedge external foreign exchange risks on transactions
\n
denominated in other currencies above a certain de minimis level.
\n
At 31 March 2025 9% of net debt was denominated in currencies other than euro (4% South African rand and 5%
\n
other). This allows South African rand to be serviced in proportion to expected future cash flows and therefore
\n
provides a partial economic hedge against income statement translation exposure.
\n
Under the Group\u2019s foreign exchange management policy, foreign exchange transaction exposure in Group
\n
companies is generally maintained at the lower of \u20ac5 million per currency per month or \u20ac15 million per currency
\n
over a six-month period.
\n
The Group recognises foreign exchange movements in equity for the translation of net investment hedging
\n
instruments and balances treated as investments in foreign operations. However, there is no net impact on
\n
equity for exchange rate movements on net investment hedging instruments as there would be an offset in the
\n
currency translation of the foreign operation. At 31 March 2025 the Group held financial liabilities in a net
\n
investment hedge against the Group\u2019s South African rand operations. Sensitivity to foreign exchange movements
\n
on the hedging liabilities, analysed against a strengthening of the South African rand by 9% (2024: 10%) would
\n
result in a decrease in equity of \u20ac106 million (2024: \u20ac154 million) which would be fully offset by foreign
\n
exchange movements on the hedged net assets. In addition, cash flow hedges of principally US dollar
\n
borrowings would result in an increase in equity of \u20ac34 million (2024: \u20ac73million) against a strengthening of US
\n
dollar by 1% (2024: 3%).
\n
The Group income statement is exposed to foreign exchange risk from both the generation of profits and losses
\n
in currencies other than euro and from the translation of balance sheet items not held in functional currency.
\n
The following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage movement applied to
\n
the currency is based on the average movements in the previous three annual reporting periods.
2025
2024
\u20acm
\u20acm
Increase/ (decrease) in Profit before taxation
EGP 41% change (2024: 43%)
224
191
TRY 38% change (2024: 54%)
118
104
ZAR 9% change (2024: 10%)
114
60
GBP 3% change (2024: 2%)
(27)
(50)
\n
Equity risk
\n
There is no material equity risk relating to the Group\u2019s equity investments which are detailed in note 13 \u2018Other
\n
investments\u2019.
\n
Risk management strategy of hedge relationships
\n
The risk strategies of the designated cash flow, fair value, and net investment hedges reflect the above market
\n
risk strategies.
\n
The objective of the cash flow hedges is principally to convert foreign currency denominated fixed rate
\n
borrowings in US dollar, Pound sterling, Australian dollar, Swiss franc, Hong Kong dollar, Japanese yen,
\n
Norwegian krona and floating rate borrowings into euro fixed rate borrowings and hedge the foreign exchange
\n
spot rate and interest rate risk. There are also cash flow hedges of certain subsidiary expenditure not
\n
denominated in functional currency of the entity, to hedge foreign exchange risk. Derivative financial
\n
instruments designated in cash flow hedges are cross-currency interest rate swaps and foreign exchange swaps
\n
and forwards. The swap maturity dates and liquidity profiles of the nominal cash flows match those of the
\n
underlying borrowings and exposures.
\n
The objective of the net investment hedges is to hedge foreign exchange risk in foreign operations. Derivative
\n
financial instruments designated in net investment hedges are cross-currency interest rate swaps and foreign
\n
exchange swaps. The hedging instruments are rolled on an ongoing basis as determined by the nature of the
\n
business.
\n
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
\n
effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging
\n
instrument.
\n
For hedges of foreign currency denominated borrowings and investments, the Group uses a combination of
\n
cross-currency and foreign exchange swaps to hedge its exposure to foreign exchange risk and interest rate risk
\n
and enters into hedge relationships where the critical terms of the hedging instrument match with the terms of
\n
the hedged item. Therefore, the Group expects a highly effective hedging relationship with the swap contracts
\n
and the value of the corresponding hedged items to change systematically in the opposite direction in response
\n
to movements in the underlying exchange rates and interest rates. The Group therefore performs a qualitative
\n
assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the
\n
critical terms no longer match with the critical terms of the hedging instrument, the Group uses the hypothetical
\n
derivative method to assess effectiveness. Hedge ineffectiveness may occur due to:
\n
a) The fair value of the hedging instrument on the hedge relationship designation date if the fair value is not nil;
\n
b) Changes in the contractual terms or timing of the payments on the hedged item; and
\n
c) A change in the credit risk of the Group or the counterparty with the hedging instrument.
\n
The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument
\n
and the quantity of the hedged item to determine their relative weighting; for all of the Group\u2019s existing hedge
\n
relationships the hedge ratio has been determined as 1:1.
\n
The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net
\n
present values using appropriate market rates and foreign currency rates prevailing at 31 March. The valuation
\n
basis is level 2 of the fair value hierarchy. This classification comprises items where fair value is determined from
\n
inputs other than quoted prices that are observable for the asset and liability, either directly or indirectly.
\n
Derivative financial assets and liabilities are included within trade and other receivables and trade and other
\n
payables in the statement of financial position.
\n\n
The table below shows the carrying values and nominal amounts of derivatives in a continued hedge relationship as at 31 March.
Other comprehensive income
Weighted average
Carrying
Carrying
Opening
(Gain)/loss
Gain/(Loss)
Closing
Euro
Nominal
value
value
balance
deferred
recycled to
balance
Maturity
interest
amounts
assets
liabilities
1 April 2024
to OCI
financing costs
31 March 2025
1
year
FX rate
rate
At 31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
%
Cash flow hedges - foreign currency risk
2
Cross-currency and foreign exchange swaps:
- US dollar bonds
16,097
2,245
138
(810)
(307)
56
(1,061)
2044
1.15
3.51
- Australian dollar bonds
163
\u2013
11
(13)
14
(2)
(1)
2027
1.56
1.58
- Swiss franc bonds
204
37
\u2013
(10)
(23)
24
(9)
2030
1.08
1.53
- Pound sterling bonds
4,642
58
444
333
86
70
489
2043
0.86
3.84
- Hong Kong dollar bonds
216
20
\u2013
\u2013
(4)
3
(1)
2028
9.14
1.62
- Japanese yen bonds
78
\u2013
14
(6)
2
1
(3)
2037
128.53
2.47
- Norwegian krona bonds
25
\u2013
4
(5)
3
2
\u2013
2025
9.25
0.37
- Foreign exchange forwards
3
\u2013
\u2013
\u2013
(42)
(1)
43
\u2013
\u2013
\u2013
\u2013
Cash flow hedges - foreign currency and interest rate risk
2
Cross currency swaps - US dollar bonds
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Net investment hedge - foreign exchange risk
4
Cross currency and foreign exchange swaps - South African rand investment
1,203
124
\u2013
898
96
\u2013
994
2026
17.62
2.76
22,628
2,484
611
345
(134)
197
408
Other comprehensive income
Weighted average
Carrying
Carrying
Opening
(Gain)/loss
Gain/(Loss)
Closing
Euro
Nominal
value
value
balance
deferred
recycled to
balance
Maturity
interest
amounts
assets
liabilities
1 April 2023
to OCI
financing costs
31 March 2024
1
year
FX rate
rate
At 31 March 2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
%
Cash flow hedges - foreign currency risk
2
Cross-currency and foreign exchange swaps:
- US dollar bonds
16,756
2,689
188
(2,709)
1,775
124
(810)
2039
1.18
3.29
- Australian dollar bonds
288
\u2013
2
(21)
14
(6)
(13)
2027
1.56
1.57
- Swiss franc bonds
624
80
\u2013
(3)
(22)
15
(10)
2026
1.08
1.57
- Pound sterling bonds
4,771
45
362
(37)
244
126
333
2043
0.86
4.05
- Hong Kong dollar bonds
233
20
\u2013
(5)
2
3
\u2013
2028
9.08
1.92
- Japanese yen bonds
78
\u2013
11
(12)
15
(9)
(6)
2037
128.53
2.47
- Norwegian krona bonds
241
\u2013
47
(12)
13
(6)
(5)
2026
9.15
1.12
- Foreign exchange forwards
3
287
\u2013
42
(34)
(15)
7
(42)
2024
29.88
\u2013
Cash flow hedges - foreign currency and interest rate risk
2
Cross currency swaps - US dollar bonds
\u2013
\u2013
\u2013
(11)
11
\u2013
\u2013
\u2013
\u2013
\u2013
Net investment hedge - foreign exchange risk
4
Cross currency and foreign exchange swaps - South African rand investment
1,505
176
\u2013
952
(54)
\u2013
898
2026
17.81
2.19
24,783
3,010
652
(1,892)
1,983
254
345
\n
Notes:
\n
1.
Fair value movement deferred into other comprehensive income includes \u20ac200 million gain (2024: \u20ac251 million loss) and \u20ac1 million gain (2024: \u20ac10 million gain) of foreign currency basis outside the cash flow and net investment hedge relationships respectively.
\n
2.
For cash flow hedges, the movement in the hypothetical derivative (hedged item) mirrors that of the hedging instrument. Hedge ineffectiveness of the swaps designated in a cash flow hedge during the period was \u20ac28 million (2024: \u20ac67 million).
\n
3.
Includes euro and US dollar forward contracts against Turkish lira to hedge foreign currency forecast expenditures in local markets. Notional amounts of \u20acnil (2024: \u20ac166 million) and $nil (2024: $130 million or \u20ac121 million equivalent) with weighted average exchange rates of nil (2024: 29.68) and nil (2024:
\n
30.15) respectively to Turkish lira.
\n
4.
Hedge ineffectiveness of swaps designated in a net investment hedge during the period was \u20acnil (2024: \u20acnil).
\n
The carrying value of bonds includes an additional \u20ac457 million loss (2024: \u20ac710 million loss) in relation to fair value of other bonds previously designated in fair value hedge relationships.
Changes in assets and liabilities arising from financing activities
The tables below present the changes in assets and liabilities arising from financing activities at 31 March 2025 and 31 March 2024.
Assets and
liabilities
Financial
arisi
Derivative
liabilities
from
assets and
under
Other
financing
Borrowings
liabilities
put options
liabilities
3
activities
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2024
56,987
(2,702)
\u2013
105
54,390
Cash movements
Proceeds from issuance of long-term
borrowings
4,680
\u2013
\u2013
\u2013
4,680
Repayment of borrowings
1
(12,963)
\u2013
\u2013
\u2013
(12,963)
Net movement in short-term borrowings
78
\u2013
\u2013
\u2013
78
Net movement in derivatives
\u2013
404
\u2013
\u2013
404
Interest paid
1
(2,975)
348
4
(82)
(2,705)
Purchase of treasury shares
\u2013
\u2013
\u2013
(1,868)
(1,868)
Non-cash movements
Fair value movements
\u2013
(45)
\u2013
\u2013
(45)
Foreign exchange
121
61
\u2013
(4)
178
Interest costs
2
2,196
(356)
\u2013
43
1,883
Lease additions
4,361
\u2013
\u2013
\u2013
4,361
Other
658
(1)
93
2,000
2,750
31 March 2025
53,143
(2,291)
97
194
51,143
Assets and
liabilities
Financial
arisi
Derivative
liabilities
from
assets and
under
Other
financing
Borrowings
liabilities
put options
liabilities
activities
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2023
66,390
(4,702)
485
103
62,276
Cash movements
Proceeds from issuance of long-term
borrowings
1,533
\u2013
\u2013
\u2013
1,533
Repayment of borrowings
1
(10,106)
\u2013
\u2013
\u2013
(10,106)
Net movement in short-term borrowings
(1,636)
\u2013
\u2013
\u2013
(1,636)
Net movement in derivatives
\u2013
144
\u2013
\u2013
144
Interest paid
1
(2,531)
272
(17)
(54)
(2,330)
Other
\u2013
\u2013
(493)
\u2013
(493)
Non-cash movements
Fair value movements
\u2013
2,233
\u2013
\u2013
2,233
Foreign exchange
61
(231)
\u2013
1
(169)
Interest costs
2
2,766
(395)
13
56
2,440
Lease additions
3,915
\u2013
\u2013
\u2013
3,915
Transfer of assets and liabilities held for sale
(3,455)
(23)
\u2013
(1)
(3,479)
Other
50
\u2013
12
\u2013
62
31 March 2024
56,987
(2,702)
\u2013
105
54,390
Notes:
1. Includes \u20acnil (2024: \u20ac1,136 million) in Repayment of borrowings and \u20acnil (2024: \u20ac103 million) in Interest paid that are presented within Cash
outflows from discontinued operations in the Consolidated statement of cash flows.
2. Includes \u20acnil (2024: \u20ac111 million) of Interest costs presented within Discontinued operations in the Consolidated income statement.
3. Movement in Other liabilities primarily relate to share buyback programmes.
\n\n
Fair value and carrying value information
\n
The carrying value and valuation basis of the Group\u2019s financial assets are set out in notes 13 \u2018Other investments\u2019,
\n
14 \u2018Trade and other receivables\u2019 and 19 \u2018Cash and cash equivalents\u2019. For all financial assets held at amortised cost
\n
the carrying values approximate fair value except as disclosed in note 13 \u2018Other investments\u2019.
\n
The carrying value and valuation basis of the Group\u2019s financial liabilities are set out in notes 15 \u2018Trade and other
\n
payables\u2019 and 21 \u2018Borrowings\u2019. The carrying values approximate fair value for the Group\u2019s trade payables and
\n
other payables categories. For other financial liabilities a comparison of fair value and carrying value is disclosed
\n
in note 21 \u2018Borrowings\u2019.
\n
Level 3 financial instruments
\n
The Group\u2019s borrowings include \u20acnil (2024: \u20ac1,720 million) of bank borrowings that were secured against the
\n
Group\u2019s shareholdings in Indus Towers and Vodafone Idea (see note 12 \u2018Associates and joint arrangements\u2019 for
\n
further details of these assets) that were repaid during the year through the sale of the shareholding in Indus
\n
Towers. This arrangement contained an embedded derivative option which was separately fair valued. The 31
\n
March 2024 valuation of the embedded derivative asset of \u20ac22 million was presented within derivative assets in
\n
current assets (see note 14 \u2018Trade and other receivables\u2019).
\n
A Black Scholes model for European put options was used as a valuation model and primarily used market inputs
\n
(quoted share prices and volatilities for Indus Towers and Vodafone Idea) along with a strike price equal to the
\n
amount payable under the loan. The valuation included an unobservable adjustment to reflect the potential
\n
timeframe to settle the loan and was modelled using a range of potential durations up to 30 September 2025. As
\n
a result of this unobservable adjustment, the option was classified as a level 3 instrument under the fair value
\n
hierarchy.
\n
Following the completion of the sale of Vodafone Spain on 31 May 2024 (See note 7 \u2018Discontinued operations
\n
and assets held for sale\u2019), the Group received the non-cash consideration component in the form of \u20ac900 million
\n
Redeemable Preference Shares (\u2018RPS\u2019) issued by EJLSHM Funding Ltd (\u2018EJLSHM\u2019). The RPS will be redeemed 6
\n
years after completion, or earlier if there is a material liquidity event or exit from Zegona that releases funds to its
\n
shareholders. The RPS have a nominal value, including accrued interest, of \u20ac937 million on 31 March 2025.
\n
EJLSHM subscribed for new ordinary shares in Zegona, equivalent to the value of the RPS, the future proceeds
\n
from which will be used to repay the RPS. Per the contractual arrangement, these ordinary shares do not carry
\n
voting rights, and their value is capped at the nominal value, including accrued interest, of the RPS. EJSHM is a
\n
consolidated special purpose entity for the Group, resulting in the elimination of the RPS and the recognition of
\n
an investment in the Zegona shares for the Group. The Zegona shares are recorded at fair value through profit
\n
and loss and have a fair value of \u20ac937 million on 31 March 2025.
\n
The valuation approach for the Zegona shares reflects the contractual terms of the RPS arrangement and utilises
\n
a bespoke option model which draws on observable Level 2 market data inputs, including bond yields, share
\n
prices, and foreign exchange rates. The model also includes certain key inputs that requires judgement. These
\n
include the timing of when EJLSHM will sell its shares in Zegona to settle its RPS liability to the Group, Zegona\u2019s
\n
share price volatility and the share\u2019s expected dividend yield.
\n
The only judgement that has a material impact on the valuation is the Zegona share price volatility. An
\n
increase/(decrease) of the share price volatility by 10% would have \u20acnil impact due to fair value being capped at
\n
the nominal value of the RPS, including accrued interest at 31 March 2025.
\n
Net financial instruments
\n
The table below shows the Group\u2019s financial assets and liabilities that are subject to offset in the balance sheet
\n
and the impact of enforceable master netting or similar agreements.
Related amounts not set off in the balance sheet
Amounts
Right of set off
Collateral
presented in
with derivative
(liabilities)/
Gross amount
Amount set off
balance sheet
counterparties
assets
1
Net amount
At 31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Derivative financial assets
4,197
\u2013
4,197
(1,146)
(2,357)
694
Derivative financial liabilities
(1,906)
\u2013
(1,906)
1,146
1,010
250
Total
2,291
\u2013
2,291
\u2013
(1,347)
944
Related amounts not set off in the balance sheet
Amounts
Right of set off
Collateral
presented in
with derivative
(liabilities)/
Gross amount
Amount set off
balance sheet
counterparties
assets
1
Net amount
At 31 March 2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Derivative financial assets
4,226
\u2013
4,226
(899)
(2,628)
699
Derivative financial liabilities
(1,524)
\u2013
(1,524)
899
741
116
Total
2,702
\u2013
2,702
\u2013
(1,887)
815
\n
Note:
\n
1. Excludes non-cash collateral of \u20ac613 million (2024: \u20ac370 million) which is not recognised on balance sheet, but which would become
\n
payable to the Group in the event of a counterparty default on the related derivative financial assets.
\n
Financial assets and liabilities are offset and the net amount reported in the consolidated balance sheet when
\n
there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net
\n
basis or realise the asset and settle the liability simultaneously. Derivative financial instruments that do not meet
\n
the criteria for offset could be settled net in certain circumstances under ISDA (\u2018International Swaps and
\n
Derivatives Association\u2019) agreements where each party has the option to settle amounts on a net basis in the
\n
event of default from the other. Collateral may be offset and net settled against derivative financial instruments
\n
in the event of default by either party. The aforementioned collateral balances are recorded in notes 13 \u2018Other
\ninvestments\u2019 or 21 \u2018Borrowings\u2019 respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00895": { "value": "Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial asset leading to a
\n
financial loss for the Group. The Group is exposed to credit risk from its operating activities and from its
\n
financing activities, the Group considers its maximum exposure to credit risk at 31 March to be:
2025
2024
\u20acm
\u20acm
Cash and bank deposits (note 19)
8,871
4,168
Money market funds (note 19)
2,130
2,015
Managed investment funds (note 13)
3,141
2,024
Bonds and debt securities (note 13)
4,013
2,142
Collateral assets (note 13)
1,010
741
Other investments (note 13)
1,134
1,126
Derivative financial instruments (note 14)
4,197
4,226
Trade receivables (note 14)
1
5,717
5,513
Contract assets and other receivables (note 14)
4,605
4,067
Financial Guarantees
2
1,518
2,038
36,336
28,060
\n
Notes:
\n
1. Includes amounts guaranteed under sales of trade receivables \u20ac1,765 million (2024: \u20ac1,929 million).
\n
2. Principally comprises Vodafone Group Plc\u2019s guarantee of the Group\u2019s share in a multicurrency loan facility, amounting to US$1 billion
\n
and \u20ac0.6 billion (2024: US$1.0 billion and \u20ac0.6 billion), which forms part of its overall joint venture investment in TPG Telecom Ltd. The
\n
Group\u2019s share of these loan balances is included in the net investment in joint venture (see note 12 'Associates and joint arrangements').
\n
Financial guarantees also includes \u20acnil (2024: INR 42.5 billion) in relation to the secondary pledge over shares owned by Vodafone
\n
Group in Indus Towers (see note 29 'Contingent liabilities and legal proceedings').
\n\n
Financing activities
\n
The Group invests in government securities on the basis they generate a fixed rate of return and are amongst the
\n
most creditworthy of investments available.
\n
Investments are made in accordance with established internal treasury policies which dictate the scaled
\n
maximum exposure permissible in relation to an investment\u2019s long-term credit rating. The Group invests in AAA
\n
unsecured money market mutual funds, where the investment is limited to 10% of each fund; A to AAA
\n
government securities, both directly and through money market mutual funds; and has two managed
\n
investment funds that hold securities with an average credit quality of AA.
\n
In respect of financial instruments used by the Group\u2019s treasury function, the aggregate credit risk the Group may
\n
have with one counterparty is limited by reference to the long-term credit ratings assigned for that counterparty.
\n
Furthermore, collateral support agreements reduce the Group\u2019s exposure to counterparties who must post cash
\n
or non-cash collateral when there is value due to the Group under outstanding derivative contracts that exceeds
\n
a contractually agreed threshold amount. When value is due to the counterparty the Group is required to post
\n
collateral on identical terms. Such cash collateral is adjusted daily as necessary. Non-cash collateral is not
\n
recognised on balance sheet but it would become payable to the Group in the event of a counterparty default on
\n
the related derivative financial assets.
\n
In the event of any default, ownership of the collateral would revert to the respective holder at that point.
\n
Detailed below is the value of the cash collateral, which is reported within current borrowings, held by the Group
\n
at 31 March.
2025
2024
\u20acm
\u20acm
Collateral liabilities (note 21)
2,357
2,628
\n
In addition, as discussed in note 29 \u2018Contingent liabilities and legal proceedings\u2019, the Group has covenanted to
\n
provide security in favour of the trustee of the Vodafone Group UK Pension Scheme in respect of the funding
\n
deficit in the scheme. The Group has also pledged cash as collateral against derivative financial instruments as
\n
disclosed in note 13 \u2018Other investments\u2019.
\n
Operating activities
\n
Customer credit risk is managed by the Group\u2019s business units which each have policies, procedures and controls
\n
relating to customer credit risk management. Outstanding trade receivables and contract assets are regularly
\n
reviewed to monitor any changes in credit risk with concentrations of credit risk considered to be limited given
\n
that the Group\u2019s customer base is large and unrelated. The Group applies the simplified approach and records
\n
lifetime expected credit losses for trade receivables and contract assets. Expected credit losses are measured
\n
using historical cash collection data for periods of at least 24 months wherever possible and grouped into various
\n
customer segments based on product or customer type. The historical loss rates are adjusted where
\n
macroeconomic factors, for example changes in interest rates or unemployment rates, or other commercial
\n
factors are expected to have a significant impact when determining future expected credit loss rates.
\n
For trade receivables the expected credit loss provision is calculated using a provision matrix, in which the
\n
provision increases as balances age, and for receivables paid in instalments and contract assets a weighted loss
\n
rate is calculated to reflect the period over which the amounts become due for payment by the customer. Trade
\n
receivables and contract assets are written off when each business unit determines there to be no reasonable
\n
expectation of recovery and enforcement activity has ceased.
\n
Movements in the allowance for expected credit losses during the year were as follows:
Trade receivables held
Trade receivables held
at fair value through
Contract assets
at amortised cost
other comprehensive income
2025
2024
2025
2024
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April
20
78
765
1,149
78
71
Exchange movements
1
(1)
(7)
(41)
\u2013
1
Amounts charged to credit losses
on financial assets
85
96
360
419
31
82
Transfer of assets held for sale
\u2013
(31)
\u2013
(324)
\u2013
(16)
Other
1
(60)
(122)
(253)
(438)
(32)
(60)
31 March
46
20
865
765
77
78
\n
Note:
\n
1. Primarily utilisation of the provision by way of write-off.
\n
Expected credit losses are presented as net credit losses on financial assets within operating profit and
\n
subsequent recoveries of amounts previously written off are credited against the same line item.
\n
The majority of the Group\u2019s trade receivables are due for maturity within 90 days and largely comprise amounts
\n
receivable from consumers and business customers. The table below presents information on trade receivables
\n
past due\u00b9 and their associated expected credit losses:
Trade receivables at amortised cost past due
30 days
31\u201360
61\u2013180
180
Due
or less
days
days
days+
Total
31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Gross carrying amount
2,553
400
134
284
736
4,107
Expected credit loss allowance
(67)
(59)
(27)
(129)
(583)
(865)
Net carrying amount
2,486
341
107
155
153
3,242
Trade receivables at amortised cost past due
30 days
31\u201360
61\u2013180
180
Due
or less
days
days
days+
Total
31 March 2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Gross carrying amount
2,199
347
122
308
638
3,614
Expected credit loss allowance
(52)
(56)
(26)
(111)
(520)
(765)
Net carrying amount
2,147
291
96
197
118
2,849
\n
Note:
\n
1. Contract assets relate to amounts not yet due from customers. These amounts will be reclassified as trade receivables before they
\nbecome due. Trade receivables at fair value through other comprehensive income are not materially past due. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00896": { "value": "Financing activities
The Group invests in government securities on the basis they generate a fixed rate of return and are amongst the
\n
most creditworthy of investments available.
\n
Investments are made in accordance with established internal treasury policies which dictate the scaled
\n
maximum exposure permissible in relation to an investment\u2019s long-term credit rating. The Group invests in AAA
\n
unsecured money market mutual funds, where the investment is limited to 10% of each fund; A to AAA
\n
government securities, both directly and through money market mutual funds; and has two managed
\n
investment funds that hold securities with an average credit quality of AA.
\n
In respect of financial instruments used by the Group\u2019s treasury function, the aggregate credit risk the Group may
\n
have with one counterparty is limited by reference to the long-term credit ratings assigned for that counterparty.
\n
Furthermore, collateral support agreements reduce the Group\u2019s exposure to counterparties who must post cash
\n
or non-cash collateral when there is value due to the Group under outstanding derivative contracts that exceeds
\n
a contractually agreed threshold amount. When value is due to the counterparty the Group is required to post
\n
collateral on identical terms. Such cash collateral is adjusted daily as necessary. Non-cash collateral is not
\n
recognised on balance sheet but it would become payable to the Group in the event of a counterparty default on
\n
the related derivative financial assets.
\n
In the event of any default, ownership of the collateral would revert to the respective holder at that point.
\n
Detailed below is the value of the cash collateral, which is reported within current borrowings, held by the Group
\n
at 31 March.
2025
2024
\u20acm
\u20acm
Collateral liabilities (note 21)
2,357
2,628
\n
In addition, as discussed in note 29 \u2018Contingent liabilities and legal proceedings\u2019, the Group has covenanted to
\n
provide security in favour of the trustee of the Vodafone Group UK Pension Scheme in respect of the funding
\n
deficit in the scheme. The Group has also pledged cash as collateral against derivative financial instruments as
\ndisclosed in note 13 \u2018Other investments\u2019. UK pension schemes
The Group\u2019s main defined benefit plan is the Vodafone UK Group Pension Scheme (\u2018Vodafone UK plan\u2019) which has
two segregated sections, the Vodafone Section and the CWW Section, as detailed in note 25 \u2018Post employment
benefits\u2019.
The Group has covenanted to provide security in favour of both the Vodafone Section and CWW Section when they
are in a deficit position. The deficit is measured on a prescribed basis agreed between the Group and the Trustee,
which differs from the IAS 19 accounting basis or the funding basis per the triennial actuarial valuation reported in
note 25 \u2018Post employment benefits\u2019. Consequently, the future level of security may vary in line with movements in
the Vodafone UK plan deficit. The Group provides surety bonds as the security.
As at 31 March 2025, the Vodafone UK plan holds security over \u20ac119 million (notional value) for the Vodafone
Section and no security is currently required for the CWW Section. The security may be substituted either on a
voluntary or mandatory basis. The Company has also provided two guarantees to the Vodafone Section of the
Vodafone UK plan for a combined value up to \u20ac1.49 billion to provide security over the deficit under certain defined
circumstances, including insolvency of the employers. The Company has also agreed a similar guarantee of up to
\u20ac1.49 billion for the CWW Section.
An additional smaller UK defined benefit plan, the THUS Plc Group Scheme, has a guarantee from the Company for
up to \u20ac119 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00897": { "value": "Customer credit risk is managed by the Group\u2019s business units which each have policies, procedures and controls
relating to customer credit risk management. Outstanding trade receivables and contract assets are regularly
\n
reviewed to monitor any changes in credit risk with concentrations of credit risk considered to be limited given
\n
that the Group\u2019s customer base is large and unrelated. The Group applies the simplified approach and records
\n
lifetime expected credit losses for trade receivables and contract assets. Expected credit losses are measured
\n
using historical cash collection data for periods of at least 24 months wherever possible and grouped into various
\n
customer segments based on product or customer type. The historical loss rates are adjusted where
\n
macroeconomic factors, for example changes in interest rates or unemployment rates, or other commercial
\n
factors are expected to have a significant impact when determining future expected credit loss rates.
\n
For trade receivables the expected credit loss provision is calculated using a provision matrix, in which the
\n
provision increases as balances age, and for receivables paid in instalments and contract assets a weighted loss
\n
rate is calculated to reflect the period over which the amounts become due for payment by the customer. Trade
\n
receivables and contract assets are written off when each business unit determines there to be no reasonable
\nexpectation of recovery and enforcement activity has ceased.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00898": { "value": "Liquidity risk
Liquidity is reviewed daily on at least a 12-month rolling basis and stress tested on the assumption that any
\n
commercial paper outstanding matures and is not reissued. The Group maintains substantial cash and cash
\n
equivalents which at 31 March 2025 amounted
to cash \u20ac11.0
billion (2024:
\u20ac6.2 billion) and undrawn committed
\n
facilities of \u20ac8.0
billion (2024:
\u20ac8.0 billion), principally US dollar and euro revolving credit facilities of US$4.0
\n
billion (\u20ac3.7
billion) and \u20ac4.1 billion and which mature in 2028 and 2030
respectively. The Group manages
\n
liquidity risk on non-current borrowings by maintaining a varied maturity profile with a cap on the level of debt
\n
maturity in any one calendar year, therefore minimising refinancing risk. Non-current borrowings mature
\n
between 1 and 61 years.
\n
The maturity profile
of the anticipated future cash flows including interest in relation to the Group\u2019s non-
\n
derivative financial liabilities on an undiscounted basis which, therefore, differs from both the carrying value and
\n
fair value, is as follows:
Trade
payables and
Lease
Total
other financial
Bank loans
Bonds
liabilities
Other
2
Borrowings
liabilities
3
Total
Maturity profile
1
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Within one year
223
3,626
2,765
2,969
9,583
11,719
21,302
One to two years
171
4,426
2,081
253
6,931
138
7,069
Two to three years
79
2,034
1,756
673
4,542
\u2013
4,542
Three to four years
176
2,628
1,434
469
4,707
\u2013
4,707
Four to five years
69
4,893
965
422
6,349
\u2013
6,349
More than five years
769
41,898
3,868
90
46,625
\u2013
46,625
1,487
59,505
12,869
4,876
78,737
11,857
90,594
Effect of discount /
financing rates
(274)
(23,103)
(2,043)
(174)
(25,594)
(8)
(25,602)
31 March 2025
1,213
36,402
10,826
4,702
53,143
11,849
64,992
Within one year
365
2,871
2,603
4,747
10,586
10,891
21,477
One to two years
140
5,860
1,984
247
8,231
128
8,359
Two to three years
27
5,608
1,599
245
7,479
\u2013
7,479
Three to four years
91
2,310
1,461
226
4,088
\u2013
4,088
Four to five years
161
3,437
1,129
422
5,149
\u2013
5,149
More than five years
72
40,826
2,366
277
43,541
\u2013
43,541
856
60,912
11,142
6,164
79,074
11,019
90,093
Effect of discount /
financing rates
(89)
(20,169)
(1,470)
(359)
(22,087)
(7)
(22,094)
31 March 2024
767
40,743
9,672
5,805
56,987
11,012
67,999
\n
Notes:
\n
1.
Maturities reflect contractual cash flows applicable except in the event of a change of control or event of default, upon which lenders
\n
have the right, but not the obligation, to request payment within 30 days. This also applies to undrawn committed facilities. There is no
\n
debt that is subject to a material adverse change clause. Where there is a choice of contractual cash flow dates, principally on \u2018hybrid
\n
bonds\u2019, the expected settlement date is used.
\n
2.
Includes spectrum licence payables with maturity profile \u20ac187
million (2024:
\u20ac153 million)
within one year, \u20ac187
million (2024:
\u20ac187
\n
million) in one to two years, \u20ac187
million (2024:
\u20ac187 million)
in two to three years, \u20ac187
million (2024:
\u20ac187 million) in three to four
\n
years, \u20ac187
million (2024:
\u20ac187 million)
in four to five years and \u20ac89
million (2024:
\u20ac276 million) in more than five years. Also includes
\n
\u20ac2,357 million (2024:
\u20ac2,628 million) in relation to cash received under collateral support agreements shown within 1 year.
\n
3.
Includes financial liabilities under put option arrangements and non-derivative financial liabilities presented within trade and other
\n
payables.
\n
The maturity profile of the Group\u2019s financial derivatives (which include interest rate swaps, cross-currency
\n
interest rate swaps and foreign exchange swaps) using undiscounted cash flows, is as follows:
2025
2024
Payable
1
Receivable
1
Total
Payable
1
Receivable
1
Total
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Within one year
(8,207)
8,792
585
(7,181)
7,886
705
In one to two years
(5,780)
6,180
400
(4,984)
5,466
482
In two to three years
(2,363)
2,807
444
(5,496)
5,910
414
In three to four years
(5,782)
6,326
544
(2,457)
2,909
452
In four to five years
(4,174)
4,666
492
(3,451)
4,020
569
In more than five years
(47,357)
53,987
6,630
(40,415)
46,561
6,146
(73,663)
82,758
9,095
(63,984)
72,752
8,768
Effect of discount/financing rates
(6,804)
(6,066)
Financial derivative net receivable
2,291
2,702
\n
Note:
\n
1.
Payables and receivables are stated separately in the table above where cash settlement is on a gross basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00899": { "value": "Market risk
Interest rate management
\n
Under the Group\u2019s interest rate management
policy, interest rates on long-term monetary assets and liabilities
\n
are principally maintained on a fixed rate basis.
\n
At 31 March 2025 and after hedging, substantially all of our outstanding liabilities are held on a fixed interest rate
\n
basis in accordance with treasury policy.
\n
For each one hundred basis point rise in market interest rates for all currencies in which the Group had
\n
borrowings at 31 March 2025 there would be a decrease
in profit before tax by \u20ac26
million (2024:
\u20ac13 million
\n
increase) including mark to market revaluations of interest rate and other derivatives and the potential interest
\n
on cash and short-term investments. There would be no material impact on equity.
\n
At 31 March 2025, the Group had limited exposure through interest rate derivatives and floating rate bonds
\n
referencing LIBOR and other interbank offered rates (IBORs).
\n\n
Foreign exchange management
\n
As Vodafone\u2019s primary listing is on the London Stock Exchange its share price is quoted in sterling. Since the
\n
sterling share price represents the value of its future multi-currency cash flows, principally in euro, South African
\n
rand and sterling, the Group maintains the currency of debt and interest charges in proportion to its expected
\n
future principal cash flows and has a policy to hedge external foreign exchange risks on transactions
\n
denominated in other currencies above a certain de minimis level.
\n
At 31 March 2025 9% of net debt was denominated in currencies other than euro (4% South African rand and 5%
\n
other). This allows South African rand to be serviced in proportion to expected future cash flows and therefore
\n
provides a partial economic hedge against income statement translation exposure.
\n
Under the Group\u2019s foreign exchange management policy, foreign exchange transaction exposure in Group
\n
companies is generally maintained at the lower of \u20ac5 million per currency per month or \u20ac15 million per currency
\n
over a six-month period.
\n
The Group recognises foreign exchange movements in equity for the translation of net investment hedging
\n
instruments and balances treated as investments in foreign operations. However, there is no net impact on
\n
equity for exchange rate movements on net investment hedging instruments as there would be an offset in the
\n
currency translation of the foreign operation. At 31 March 2025 the Group held financial liabilities in a net
\n
investment hedge against the Group\u2019s South African rand operations. Sensitivity to foreign exchange movements
\n
on the hedging liabilities, analysed against a strengthening of the South African rand by 9% (2024: 10%) would
\n
result in a decrease in equity of \u20ac106 million (2024: \u20ac154 million) which would be fully offset by foreign
\n
exchange movements on the hedged net assets. In addition, cash flow hedges of principally US dollar
\n
borrowings would result in an increase in equity of \u20ac34 million (2024: \u20ac73million) against a strengthening of US
\n
dollar by 1% (2024: 3%).
\n
The Group income statement is exposed to foreign exchange risk from both the generation of profits and losses
\n
in currencies other than euro and from the translation of balance sheet items not held in functional currency.
\n
The following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage movement applied to
\n
the currency is based on the average movements in the previous three annual reporting periods.
2025
2024
\u20acm
\u20acm
Increase/ (decrease) in Profit before taxation
EGP 41% change (2024: 43%)
224
191
TRY 38% change (2024: 54%)
118
104
ZAR 9% change (2024: 10%)
114
60
GBP 3% change (2024: 2%)
(27)
(50)
\n
Equity risk
\n
There is no material equity risk relating to the Group\u2019s equity investments which are detailed in note 13 \u2018Other
\ninvestments\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00901": { "value": "Foreign exchange management
As Vodafone\u2019s primary listing is on the London Stock Exchange its share price is quoted in sterling. Since the
\n
sterling share price represents the value of its future multi-currency cash flows, principally in euro, South African
\n
rand and sterling, the Group maintains the currency of debt and interest charges in proportion to its expected
\n
future principal cash flows and has a policy to hedge external foreign exchange risks on transactions
\n
denominated in other currencies above a certain de minimis level.
\n
At 31 March 2025 9% of net debt was denominated in currencies other than euro (4% South African rand and 5%
\n
other). This allows South African rand to be serviced in proportion to expected future cash flows and therefore
\n
provides a partial economic hedge against income statement translation exposure.
\n
Under the Group\u2019s foreign exchange management policy, foreign exchange transaction exposure in Group
\n
companies is generally maintained at the lower of \u20ac5 million per currency per month or \u20ac15 million per currency
\n
over a six-month period.
\n
The Group recognises foreign exchange movements in equity for the translation of net investment hedging
\n
instruments and balances treated as investments in foreign operations. However, there is no net impact on
\n
equity for exchange rate movements on net investment hedging instruments as there would be an offset in the
\n
currency translation of the foreign operation. At 31 March 2025 the Group held financial liabilities in a net
\n
investment hedge against the Group\u2019s South African rand operations. Sensitivity to foreign exchange movements
\n
on the hedging liabilities, analysed against a strengthening of the South African rand by 9% (2024: 10%) would
\n
result in a decrease in equity of \u20ac106 million (2024: \u20ac154 million) which would be fully offset by foreign
\n
exchange movements on the hedged net assets. In addition, cash flow hedges of principally US dollar
\n
borrowings would result in an increase in equity of \u20ac34 million (2024: \u20ac73million) against a strengthening of US
\n
dollar by 1% (2024: 3%).
\n
The Group income statement is exposed to foreign exchange risk from both the generation of profits and losses
\n
in currencies other than euro and from the translation of balance sheet items not held in functional currency.
\n
The following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage movement applied to
\n
the currency is based on the average movements in the previous three annual reporting periods.
2025
2024
\u20acm
\u20acm
Increase/ (decrease) in Profit before taxation
EGP 41% change (2024: 43%)
224
191
TRY 38% change (2024: 54%)
118
104
ZAR 9% change (2024: 10%)
114
60
GBP 3% change (2024: 2%)
(27)
(50)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00900": { "value": "
Other comprehensive income
Weighted average
Carrying
Carrying
Opening
(Gain)/loss
Gain/(Loss)
Closing
Euro
Nominal
value
value
balance
deferred
recycled to
balance
Maturity
interest
amounts
assets
liabilities
1 April 2024
to OCI
financing costs
31 March 2025
1
year
FX rate
rate
At 31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
%
Cash flow hedges - foreign currency risk
2
Cross-currency and foreign exchange swaps:
- US dollar bonds
16,097
2,245
138
(810)
(307)
56
(1,061)
2044
1.15
3.51
- Australian dollar bonds
163
\u2013
11
(13)
14
(2)
(1)
2027
1.56
1.58
- Swiss franc bonds
204
37
\u2013
(10)
(23)
24
(9)
2030
1.08
1.53
- Pound sterling bonds
4,642
58
444
333
86
70
489
2043
0.86
3.84
- Hong Kong dollar bonds
216
20
\u2013
\u2013
(4)
3
(1)
2028
9.14
1.62
- Japanese yen bonds
78
\u2013
14
(6)
2
1
(3)
2037
128.53
2.47
- Norwegian krona bonds
25
\u2013
4
(5)
3
2
\u2013
2025
9.25
0.37
- Foreign exchange forwards
3
\u2013
\u2013
\u2013
(42)
(1)
43
\u2013
\u2013
\u2013
\u2013
Cash flow hedges - foreign currency and interest rate risk
2
Cross currency swaps - US dollar bonds
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Net investment hedge - foreign exchange risk
4
Cross currency and foreign exchange swaps - South African rand investment
1,203
124
\u2013
898
96
\u2013
994
2026
17.62
2.76
22,628
2,484
611
345
(134)
197
408
Other comprehensive income
Weighted average
Carrying
Carrying
Opening
(Gain)/loss
Gain/(Loss)
Closing
Euro
Nominal
value
value
balance
deferred
recycled to
balance
Maturity
interest
amounts
assets
liabilities
1 April 2023
to OCI
financing costs
31 March 2024
1
year
FX rate
rate
At 31 March 2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
%
Cash flow hedges - foreign currency risk
2
Cross-currency and foreign exchange swaps:
- US dollar bonds
16,756
2,689
188
(2,709)
1,775
124
(810)
2039
1.18
3.29
- Australian dollar bonds
288
\u2013
2
(21)
14
(6)
(13)
2027
1.56
1.57
- Swiss franc bonds
624
80
\u2013
(3)
(22)
15
(10)
2026
1.08
1.57
- Pound sterling bonds
4,771
45
362
(37)
244
126
333
2043
0.86
4.05
- Hong Kong dollar bonds
233
20
\u2013
(5)
2
3
\u2013
2028
9.08
1.92
- Japanese yen bonds
78
\u2013
11
(12)
15
(9)
(6)
2037
128.53
2.47
- Norwegian krona bonds
241
\u2013
47
(12)
13
(6)
(5)
2026
9.15
1.12
- Foreign exchange forwards
3
287
\u2013
42
(34)
(15)
7
(42)
2024
29.88
\u2013
Cash flow hedges - foreign currency and interest rate risk
2
Cross currency swaps - US dollar bonds
\u2013
\u2013
\u2013
(11)
11
\u2013
\u2013
\u2013
\u2013
\u2013
Net investment hedge - foreign exchange risk
4
Cross currency and foreign exchange swaps - South African rand investment
1,505
176
\u2013
952
(54)
\u2013
898
2026
17.81
2.19
24,783
3,010
652
(1,892)
1,983
254
345
\n
Notes:
\n
1.
Fair value movement deferred into other comprehensive income includes \u20ac200 million gain (2024: \u20ac251 million loss) and \u20ac1 million gain (2024: \u20ac10 million gain) of foreign currency basis outside the cash flow and net investment hedge relationships respectively.
\n
2.
For cash flow hedges, the movement in the hypothetical derivative (hedged item) mirrors that of the hedging instrument. Hedge ineffectiveness of the swaps designated in a cash flow hedge during the period was \u20ac28 million (2024: \u20ac67 million).
\n
3.
Includes euro and US dollar forward contracts against Turkish lira to hedge foreign currency forecast expenditures in local markets. Notional amounts of \u20acnil (2024: \u20ac166 million) and $nil (2024: $130 million or \u20ac121 million equivalent) with weighted average exchange rates of nil (2024: 29.68) and nil (2024:
\n
30.15) respectively to Turkish lira.
\n
4.
Hedge ineffectiveness of swaps designated in a net investment hedge during the period was \u20acnil (2024: \u20acnil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00909": { "value": "Changes in assets and liabilities arising from financing activities
The tables below present the changes in assets and liabilities arising from financing activities at 31 March 2025 and 31 March 2024.
Assets and
liabilities
Financial
arisi
Derivative
liabilities
from
assets and
under
Other
financing
Borrowings
liabilities
put options
liabilities
3
activities
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2024
56,987
(2,702)
\u2013
105
54,390
Cash movements
Proceeds from issuance of long-term
borrowings
4,680
\u2013
\u2013
\u2013
4,680
Repayment of borrowings
1
(12,963)
\u2013
\u2013
\u2013
(12,963)
Net movement in short-term borrowings
78
\u2013
\u2013
\u2013
78
Net movement in derivatives
\u2013
404
\u2013
\u2013
404
Interest paid
1
(2,975)
348
4
(82)
(2,705)
Purchase of treasury shares
\u2013
\u2013
\u2013
(1,868)
(1,868)
Non-cash movements
Fair value movements
\u2013
(45)
\u2013
\u2013
(45)
Foreign exchange
121
61
\u2013
(4)
178
Interest costs
2
2,196
(356)
\u2013
43
1,883
Lease additions
4,361
\u2013
\u2013
\u2013
4,361
Other
658
(1)
93
2,000
2,750
31 March 2025
53,143
(2,291)
97
194
51,143
Assets and
liabilities
Financial
arisi
Derivative
liabilities
from
assets and
under
Other
financing
Borrowings
liabilities
put options
liabilities
activities
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2023
66,390
(4,702)
485
103
62,276
Cash movements
Proceeds from issuance of long-term
borrowings
1,533
\u2013
\u2013
\u2013
1,533
Repayment of borrowings
1
(10,106)
\u2013
\u2013
\u2013
(10,106)
Net movement in short-term borrowings
(1,636)
\u2013
\u2013
\u2013
(1,636)
Net movement in derivatives
\u2013
144
\u2013
\u2013
144
Interest paid
1
(2,531)
272
(17)
(54)
(2,330)
Other
\u2013
\u2013
(493)
\u2013
(493)
Non-cash movements
Fair value movements
\u2013
2,233
\u2013
\u2013
2,233
Foreign exchange
61
(231)
\u2013
1
(169)
Interest costs
2
2,766
(395)
13
56
2,440
Lease additions
3,915
\u2013
\u2013
\u2013
3,915
Transfer of assets and liabilities held for sale
(3,455)
(23)
\u2013
(1)
(3,479)
Other
50
\u2013
12
\u2013
62
31 March 2024
56,987
(2,702)
\u2013
105
54,390
Notes:
1. Includes \u20acnil (2024: \u20ac1,136 million) in Repayment of borrowings and \u20acnil (2024: \u20ac103 million) in Interest paid that are presented within Cash
outflows from discontinued operations in the Consolidated statement of cash flows.
2. Includes \u20acnil (2024: \u20ac111 million) of Interest costs presented within Discontinued operations in the Consolidated income statement.
3. Movement in Other liabilities primarily relate to share buyback programmes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00902": { "value": "Fair value and carrying value information
The carrying value and valuation basis of the Group\u2019s financial assets are set out in notes 13 \u2018Other investments\u2019,
\n
14 \u2018Trade and other receivables\u2019 and 19 \u2018Cash and cash equivalents\u2019. For all financial assets held at amortised cost
\n
the carrying values approximate fair value except as disclosed in note 13 \u2018Other investments\u2019.
\n
The carrying value and valuation basis of the Group\u2019s financial liabilities are set out in notes 15 \u2018Trade and other
\n
payables\u2019 and 21 \u2018Borrowings\u2019. The carrying values approximate fair value for the Group\u2019s trade payables and
\n
other payables categories. For other financial liabilities a comparison of fair value and carrying value is disclosed
\n
in note 21 \u2018Borrowings\u2019.
\n
Level 3 financial instruments
\n
The Group\u2019s borrowings include \u20acnil (2024: \u20ac1,720 million) of bank borrowings that were secured against the
\n
Group\u2019s shareholdings in Indus Towers and Vodafone Idea (see note 12 \u2018Associates and joint arrangements\u2019 for
\n
further details of these assets) that were repaid during the year through the sale of the shareholding in Indus
\n
Towers. This arrangement contained an embedded derivative option which was separately fair valued. The 31
\n
March 2024 valuation of the embedded derivative asset of \u20ac22 million was presented within derivative assets in
\n
current assets (see note 14 \u2018Trade and other receivables\u2019).
\n
A Black Scholes model for European put options was used as a valuation model and primarily used market inputs
\n
(quoted share prices and volatilities for Indus Towers and Vodafone Idea) along with a strike price equal to the
\n
amount payable under the loan. The valuation included an unobservable adjustment to reflect the potential
\n
timeframe to settle the loan and was modelled using a range of potential durations up to 30 September 2025. As
\n
a result of this unobservable adjustment, the option was classified as a level 3 instrument under the fair value
\n
hierarchy.
\n
Following the completion of the sale of Vodafone Spain on 31 May 2024 (See note 7 \u2018Discontinued operations
\n
and assets held for sale\u2019), the Group received the non-cash consideration component in the form of \u20ac900 million
\n
Redeemable Preference Shares (\u2018RPS\u2019) issued by EJLSHM Funding Ltd (\u2018EJLSHM\u2019). The RPS will be redeemed 6
\n
years after completion, or earlier if there is a material liquidity event or exit from Zegona that releases funds to its
\n
shareholders. The RPS have a nominal value, including accrued interest, of \u20ac937 million on 31 March 2025.
\n
EJLSHM subscribed for new ordinary shares in Zegona, equivalent to the value of the RPS, the future proceeds
\n
from which will be used to repay the RPS. Per the contractual arrangement, these ordinary shares do not carry
\n
voting rights, and their value is capped at the nominal value, including accrued interest, of the RPS. EJSHM is a
\n
consolidated special purpose entity for the Group, resulting in the elimination of the RPS and the recognition of
\n
an investment in the Zegona shares for the Group. The Zegona shares are recorded at fair value through profit
\n
and loss and have a fair value of \u20ac937 million on 31 March 2025.
\n
The valuation approach for the Zegona shares reflects the contractual terms of the RPS arrangement and utilises
\n
a bespoke option model which draws on observable Level 2 market data inputs, including bond yields, share
\n
prices, and foreign exchange rates. The model also includes certain key inputs that requires judgement. These
\n
include the timing of when EJLSHM will sell its shares in Zegona to settle its RPS liability to the Group, Zegona\u2019s
\n
share price volatility and the share\u2019s expected dividend yield.
\n
The only judgement that has a material impact on the valuation is the Zegona share price volatility. An
\n
increase/(decrease) of the share price volatility by 10% would have \u20acnil impact due to fair value being capped at
\n
the nominal value of the RPS, including accrued interest at 31 March 2025.
\n
Net financial instruments
\n
The table below shows the Group\u2019s financial assets and liabilities that are subject to offset in the balance sheet
\n
and the impact of enforceable master netting or similar agreements.
Related amounts not set off in the balance sheet
Amounts
Right of set off
Collateral
presented in
with derivative
(liabilities)/
Gross amount
Amount set off
balance sheet
counterparties
assets
1
Net amount
At 31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Derivative financial assets
4,197
\u2013
4,197
(1,146)
(2,357)
694
Derivative financial liabilities
(1,906)
\u2013
(1,906)
1,146
1,010
250
Total
2,291
\u2013
2,291
\u2013
(1,347)
944
Related amounts not set off in the balance sheet
Amounts
Right of set off
Collateral
presented in
with derivative
(liabilities)/
Gross amount
Amount set off
balance sheet
counterparties
assets
1
Net amount
At 31 March 2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Derivative financial assets
4,226
\u2013
4,226
(899)
(2,628)
699
Derivative financial liabilities
(1,524)
\u2013
(1,524)
899
741
116
Total
2,702
\u2013
2,702
\u2013
(1,887)
815
\n
Note:
\n
1. Excludes non-cash collateral of \u20ac613 million (2024: \u20ac370 million) which is not recognised on balance sheet, but which would become
\n
payable to the Group in the event of a counterparty default on the related derivative financial assets.
\n
Financial assets and liabilities are offset and the net amount reported in the consolidated balance sheet when
\n
there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net
\n
basis or realise the asset and settle the liability simultaneously. Derivative financial instruments that do not meet
\n
the criteria for offset could be settled net in certain circumstances under ISDA (\u2018International Swaps and
\n
Derivatives Association\u2019) agreements where each party has the option to settle amounts on a net basis in the
\n
event of default from the other. Collateral may be offset and net settled against derivative financial instruments
\n
in the event of default by either party. The aforementioned collateral balances are recorded in notes 13 \u2018Other
investments\u2019 or 21 \u2018Borrowings\u2019 respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00903": { "value": "Fair value and carrying value information
The carrying value and valuation basis of the Group\u2019s financial assets are set out in notes 13 \u2018Other investments\u2019,
\n
14 \u2018Trade and other receivables\u2019 and 19 \u2018Cash and cash equivalents\u2019. For all financial assets held at amortised cost
\n
the carrying values approximate fair value except as disclosed in note 13 \u2018Other investments\u2019.
\n
The carrying value and valuation basis of the Group\u2019s financial liabilities are set out in notes 15 \u2018Trade and other
\n
payables\u2019 and 21 \u2018Borrowings\u2019. The carrying values approximate fair value for the Group\u2019s trade payables and
\n
other payables categories. For other financial liabilities a comparison of fair value and carrying value is disclosed
\n
in note 21 \u2018Borrowings\u2019.
\n
Level 3 financial instruments
\n
The Group\u2019s borrowings include \u20acnil (2024: \u20ac1,720 million) of bank borrowings that were secured against the
\n
Group\u2019s shareholdings in Indus Towers and Vodafone Idea (see note 12 \u2018Associates and joint arrangements\u2019 for
\n
further details of these assets) that were repaid during the year through the sale of the shareholding in Indus
\n
Towers. This arrangement contained an embedded derivative option which was separately fair valued. The 31
\n
March 2024 valuation of the embedded derivative asset of \u20ac22 million was presented within derivative assets in
\n
current assets (see note 14 \u2018Trade and other receivables\u2019).
\n
A Black Scholes model for European put options was used as a valuation model and primarily used market inputs
\n
(quoted share prices and volatilities for Indus Towers and Vodafone Idea) along with a strike price equal to the
\n
amount payable under the loan. The valuation included an unobservable adjustment to reflect the potential
\n
timeframe to settle the loan and was modelled using a range of potential durations up to 30 September 2025. As
\n
a result of this unobservable adjustment, the option was classified as a level 3 instrument under the fair value
\n
hierarchy.
\n
Following the completion of the sale of Vodafone Spain on 31 May 2024 (See note 7 \u2018Discontinued operations
\n
and assets held for sale\u2019), the Group received the non-cash consideration component in the form of \u20ac900 million
\n
Redeemable Preference Shares (\u2018RPS\u2019) issued by EJLSHM Funding Ltd (\u2018EJLSHM\u2019). The RPS will be redeemed 6
\n
years after completion, or earlier if there is a material liquidity event or exit from Zegona that releases funds to its
\n
shareholders. The RPS have a nominal value, including accrued interest, of \u20ac937 million on 31 March 2025.
\n
EJLSHM subscribed for new ordinary shares in Zegona, equivalent to the value of the RPS, the future proceeds
\n
from which will be used to repay the RPS. Per the contractual arrangement, these ordinary shares do not carry
\n
voting rights, and their value is capped at the nominal value, including accrued interest, of the RPS. EJSHM is a
\n
consolidated special purpose entity for the Group, resulting in the elimination of the RPS and the recognition of
\n
an investment in the Zegona shares for the Group. The Zegona shares are recorded at fair value through profit
\n
and loss and have a fair value of \u20ac937 million on 31 March 2025.
\n
The valuation approach for the Zegona shares reflects the contractual terms of the RPS arrangement and utilises
\n
a bespoke option model which draws on observable Level 2 market data inputs, including bond yields, share
\n
prices, and foreign exchange rates. The model also includes certain key inputs that requires judgement. These
\n
include the timing of when EJLSHM will sell its shares in Zegona to settle its RPS liability to the Group, Zegona\u2019s
\n
share price volatility and the share\u2019s expected dividend yield.
\n
The only judgement that has a material impact on the valuation is the Zegona share price volatility. An
\n
increase/(decrease) of the share price volatility by 10% would have \u20acnil impact due to fair value being capped at
\n
the nominal value of the RPS, including accrued interest at 31 March 2025.
\n
Net financial instruments
\n
The table below shows the Group\u2019s financial assets and liabilities that are subject to offset in the balance sheet
\n
and the impact of enforceable master netting or similar agreements.
Related amounts not set off in the balance sheet
Amounts
Right of set off
Collateral
presented in
with derivative
(liabilities)/
Gross amount
Amount set off
balance sheet
counterparties
assets
1
Net amount
At 31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Derivative financial assets
4,197
\u2013
4,197
(1,146)
(2,357)
694
Derivative financial liabilities
(1,906)
\u2013
(1,906)
1,146
1,010
250
Total
2,291
\u2013
2,291
\u2013
(1,347)
944
Related amounts not set off in the balance sheet
Amounts
Right of set off
Collateral
presented in
with derivative
(liabilities)/
Gross amount
Amount set off
balance sheet
counterparties
assets
1
Net amount
At 31 March 2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Derivative financial assets
4,226
\u2013
4,226
(899)
(2,628)
699
Derivative financial liabilities
(1,524)
\u2013
(1,524)
899
741
116
Total
2,702
\u2013
2,702
\u2013
(1,887)
815
\n
Note:
\n
1. Excludes non-cash collateral of \u20ac613 million (2024: \u20ac370 million) which is not recognised on balance sheet, but which would become
\n
payable to the Group in the event of a counterparty default on the related derivative financial assets.
\n
Financial assets and liabilities are offset and the net amount reported in the consolidated balance sheet when
\n
there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net
\n
basis or realise the asset and settle the liability simultaneously. Derivative financial instruments that do not meet
\n
the criteria for offset could be settled net in certain circumstances under ISDA (\u2018International Swaps and
\n
Derivatives Association\u2019) agreements where each party has the option to settle amounts on a net basis in the
\n
event of default from the other. Collateral may be offset and net settled against derivative financial instruments
\n
in the event of default by either party. The aforementioned collateral balances are recorded in notes 13 \u2018Other
investments\u2019 or 21 \u2018Borrowings\u2019 respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00904": { "value": "Financial assets and liabilities are offset and the net amount reported in the consolidated balance sheet when
there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net
\n
basis or realise the asset and settle the liability simultaneously. Derivative financial instruments that do not meet
\n
the criteria for offset could be settled net in certain circumstances under ISDA (\u2018International Swaps and
\n
Derivatives Association\u2019) agreements where each party has the option to settle amounts on a net basis in the
\n
event of default from the other. Collateral may be offset and net settled against derivative financial instruments
\n
in the event of default by either party. The aforementioned collateral balances are recorded in notes 13 \u2018Other
investments\u2019 or 21 \u2018Borrowings\u2019 respectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00910": { "value": "23. Directors and key management compensation
This note details the total amounts earned by the Company\u2019s Directors and members of the
Executive Committee.
Directors
Aggregate emoluments of the Directors of the Company were as follows:
2025
2024
2023
\u20acm
\u20acm
\u20acm
Short-term remuneration
8
8
6
Long-term incentive schemes
1
1
1
3
9
9
9
Note:
1.
Relates to share-based payments.
No Directors serving during the year exercised share options in the year ended 31 March 2025 (2024: None;
2023: None).
Key management compensation
Aggregate compensation for key management, being the Directors and members of the Executive Committee,
was as follows:
2025
2024
2023
\u20acm
\u20acm
\u20acm
Short-term employee benefits
24
27
25
Share-based payments
9
7
12
33
34
37
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00911": { "value": "24. Employees
This note shows the average number of people employed by the Group during the year, in
which areas of our business our employees work and where they are based. It also shows total
employment costs.
2025
2024
2023
Employees
Employees
Employees
By activity
Operations
15,440
15,707
15,808
Selling and distribution
21,830
22,928
24,676
Customer care and administration
55,564
57,647
57,619
92,834
96,282
98,103
By segment
Germany
14,341
15,115
15,242
UK
9,332
9,640
9,312
Other Europe
11,744
11,441
14,189
Africa
14,036
13,578
13,633
T
\u00fc
rkiye
1
3,164
3,126
3,688
Vantage Towers
\u2013
\u2013
753
Common Functions
36,163
34,273
31,561
88,780
87,173
88,378
Discontinued operations
4,054
9,109
9,725
Total
92,834
96,282
98,103
The cost incurred in respect of these employees (including Directors) was:
2025
2024
2023
\u20acm
\u20acm
\u20acm
Wages and salaries
4,369
4,674
4,384
Social security costs
512
497
468
Other pension costs (note 25 'Post employment benefits')
245
217
212
Share-based payments (note 26 'Shared-based payments')
110
110
128
5,236
5,498
5,192
Discontinued operations
286
748
650
Total
5,522
6,246
5,842
Note:
1. In the year ended 31 March 2023, the segment was named Other Markets and also included the results of Vodafone Ghana which, as
previously reported, was sold in February 2023. Other Markets was re-named to T\u00fcrkiye because this segment comprised only
Vodafone T\u00fcrkiye in the years ended 31 March 2024 and 31 March 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00912": { "value": "24. Employees
This note shows the average number of people employed by the Group during the year, in
which areas of our business our employees work and where they are based. It also shows total
employment costs.
2025
2024
2023
Employees
Employees
Employees
By activity
Operations
15,440
15,707
15,808
Selling and distribution
21,830
22,928
24,676
Customer care and administration
55,564
57,647
57,619
92,834
96,282
98,103
By segment
Germany
14,341
15,115
15,242
UK
9,332
9,640
9,312
Other Europe
11,744
11,441
14,189
Africa
14,036
13,578
13,633
T
\u00fc
rkiye
1
3,164
3,126
3,688
Vantage Towers
\u2013
\u2013
753
Common Functions
36,163
34,273
31,561
88,780
87,173
88,378
Discontinued operations
4,054
9,109
9,725
Total
92,834
96,282
98,103
The cost incurred in respect of these employees (including Directors) was:
2025
2024
2023
\u20acm
\u20acm
\u20acm
Wages and salaries
4,369
4,674
4,384
Social security costs
512
497
468
Other pension costs (note 25 'Post employment benefits')
245
217
212
Share-based payments (note 26 'Shared-based payments')
110
110
128
5,236
5,498
5,192
Discontinued operations
286
748
650
Total
5,522
6,246
5,842
Note:
1. In the year ended 31 March 2023, the segment was named Other Markets and also included the results of Vodafone Ghana which, as
previously reported, was sold in February 2023. Other Markets was re-named to T\u00fcrkiye because this segment comprised only
Vodafone T\u00fcrkiye in the years ended 31 March 2024 and 31 March 2025.
\n
25. Post employment benefits
\n
The Group operates a number of Defined Benefit and Defined Contribution retirement plans
\n
for our employees. The Group\u2019s largest defined benefit plan is in the UK. For further details see
\n
\u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of
\n
preparation\u2019.
\n
Accounting policies
\n
For defined benefit retirement plans, the difference between the fair value of the plan assets and the present
\n
value of the plan liabilities is recognised as an asset or a liability on the consolidated statement of financial
\n
position. Defined benefit plan liabilities are assessed using the projected unit funding method and applying the
\n
principal actuarial assumptions at the reporting period date. Assets are valued at market value.
\n
Actuarial gains and losses are taken to the consolidated statement of comprehensive income for defined benefit
\n
plans or consolidated income statement for cash leaver plans as incurred. For this purpose, actuarial gains and
\n
losses comprise both the effects of changes in actuarial assumptions and experience adjustments arising from
\n
differences between the previous actuarial assumptions and what has actually occurred. The return on plan
\n
assets, in excess of interest income, and costs incurred for the management of plan assets are also taken to other
\n
comprehensive income.
\n
Other movements in the net surplus or deficit are recognised in the consolidated income statement, including
\n
the current service cost, any past service cost and the effect of any settlements. The interest cost less the
\n
expected interest income on assets is also charged to the consolidated income statement. The amount charged
\n
to the consolidated income statement in respect of these plans is included within operating costs, profit or loss
\n
or in the Group\u2019s share of the results of equity accounted operations, as appropriate.
\n
The Group\u2019s contributions to defined contribution pension plans are charged to the consolidated income
\n
statement as they fall due.
\n
Background
\n
At 31 March 2025 the Group operated a number of retirement plans for the benefit of its employees throughout
\n
the world, with varying rights and obligations depending on the conditions and practices in the countries
\n
concerned. The Group\u2019s philosophy is to provide access to defined contribution retirement plans where feasible
\n
and to manage legacy defined benefit retirement arrangements. Defined benefit plans provide benefits based on
\n
the employees\u2019 length of pensionable service and their final pensionable salary or other criteria. Defined
\n
contribution plans offer employees individual funds that are converted into benefits at the time of retirement.
\n
The Group operates defined benefit plans in Germany, India, Ireland, Italy
\n
1
\n
, the UK, the United States and
\n
defined benefit indemnity plans in Greece and T\u00fcrkiye. Defined contribution plans are currently provided in
\n
Albania, Egypt, Germany, Greece, India, Ireland, Italy
\n
1
\n
, Portugal, South Africa and the UK.
\n
Note:
\n
1. Vodafone Italia S.p.A\u2019s (\u2018Vodafone Italy\u2019s\u2019) defined contribution and defined benefit schemes have been transferred to Swisscom AG (see
\n
note 27 \u2018Acquisitions and disposals\u2019). However, some small Group Italian schemes remain.
\n
Income statement expense/(income)
2025
2024
2023
\u20acm
\u20acm
\u20acm
Defined contribution plans
194
183
175
Defined benefit plans
51
34
37
Total amount charged to staff costs (note 24 \u2018Employees\u2019)
245
217
212
Defined benefit net interest (income) in financing costs
(4)
\u2013
\u2013
Total amount charged to income statement
241
217
212
\n
Defined benefit plans
\n
The Group\u2019s retirement policy is to provide competitive pension provision, in each operating country, in line with
\n
the market median for that location. The Group\u2019s preferred retirement provision is focused on Defined
\n
Contribution arrangements and/or State provision for future service.
\n
The Group\u2019s main defined benefit funding liability is the Vodafone UK Group Pension Scheme (\u2018Vodafone UK
\n
plan\u2019). Since June 2014 the Vodafone UK plan has consisted of two segregated sections: the Vodafone Section
\n
and the Cable & Wireless Section (\u2018CWW Section\u2019). Both sections are closed to new entrants and to future accrual.
\n
The Group also operates smaller funded and unfunded plans in the UK, funded and unfunded plans in Germany
\n
and a funded plan in Ireland. Defined benefit pension provision exposes the Group to actuarial risks such as
\n
longer than expected longevity of participants, lower than expected return on investments and higher than
\n
expected inflation, which may increase the liabilities or reduce the value of assets of the plans.
\n
The main defined benefit plans are administered by trustee boards which are legally separate from the Group
\n
and consist of representatives who are employees, former employees or are independent from the Group. The
\n
trustee boards of the pension plans are required by legislation to act in the best interest of the participants, set
\n
the investment strategy and contribution rates and are subject to statutory funding regimes.
\n
The Vodafone UK plan is registered as an occupational pension plan with HM Revenue and Customs (\u2018HMRC\u2019)
\n
and is subject to UK legislation and operates within the framework outlined by the Pensions Regulator. UK
\n
legislation requires that pension plans are funded prudently and that valuations are undertaken at least every
\n
three years. Separate valuations are required for the Vodafone Section and CWW Section.
\n
The trustees obtain regular actuarial valuations to check whether the statutory funding objective is met and
\n
whether a recovery plan is required to restore funding to the level of the agreed technical provisions. The 31
\n
March 2022 triennial actuarial valuation for the Vodafone Section and CWW Section of the Vodafone UK plan
\n
showed a net surplus of \u00a3248 million (\u20ac296 million) on the funding basis, comprising of a \u00a397 million (\u20ac116
\n
million) surplus for the Vodafone Section and a \u00a3151 million (\u20ac180 million) surplus for the CWW Section. No
\n
further contributions are due in respect of the Vodafone UK plan at this time.
The next actuarial valuation has an
\n
effective date of 31 March 2025 but will only become available during the next financial year.
\n
These plan-specific actuarial valuations differ to the IAS 19 \u2018Employee Benefits\u2019 accounting basis, which is used
\n
to measure pension assets and liabilities presented in the Group\u2019s consolidated statement of financial position.
\n\n
Funding plans are individually agreed for each of the Group\u2019s other defined benefit plans with the respective
\n
trustees or governing board, taking into account local regulatory requirements. It is expected that ordinary
\n
contributions of \u20ac20 million will be paid into the Group\u2019s defined benefit plans during the year ending 31 March
\n
2026. The Group has also provided certain guarantees in respect of the Vodafone UK plan; further details are
\n
provided in note 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial statements.
\n
The investment strategy for the UK plans is controlled by the trustees in consultation with the Group and the
\n
plans have no direct investments in the Group\u2019s equity securities or in property or other assets currently used by
\n
the Group. The allocation of assets between different classes of investment is reviewed regularly and is a key
\n
factor in the trustee investment policy. The trustees aim to achieve the plan\u2019s investment objectives through
\n
investing partly in a diversified mix of growth assets which, over the long term, are expected to grow in value by
\n
more than the low-risk assets. The low-risk assets include cash and gilts, inflation and interest rate hedging and
\n
in-substance insured pensioner annuity policies in both the Vodafone Section and CWW Sections of the
\n
Vodafone UK plan and an insured pensioner annuity policy in the Vodafone Ireland Pension Plan. A number of
\n
investment managers are appointed to promote diversification by assets, organisation and investment style and
\n
current market conditions and trends are regularly assessed, which may lead to adjustments in the asset
\n
allocation.
\n
The key risks in relation to the Vodafone UK plan are set out below, alongside a summary of the steps taken to
\n
mitigate each risk
\n\n \n
Risk description
Mitigation
Investment strategy risk
The plan adopts a liability driven investment framework, by
Underperformance of the investment
investing in assets that aim to match the characteristics of
strategy relative to the changes in the
the Vodafone UK Plan's liabilities. This can help to hedge the
Vodafone UK Plan's liabilities, which are
risk of future changes in interest rate and inflation and also
sensitive to interest rates and inflation,
reduce balance sheet volatility.
potentially leading to shortfalls in meeting
pension obligations.
Longevity risk
The Vodafone UK Plan's funding targets include a margin for
Pensions paid by the Vodafone UK Plan are
prudence to reflect uncertainty in future life expectancy.
guaranteed for life, and, therefore, if
Both sections of the Vodafone UK Plan have pensioner
members are expected to live longer, the
annuity policies which help reduce exposure to changes in
liabilities increase.
longevity. Longevity risk is also monitored by the trustees on
a regular basis through its risk management framework.
Regulatory risk
There is open communication with the trustees and advisors
Changes in pension regulations and
of the Vodafone UK Plan to understand the impact of any
accounting standards can impact the Group's
changes in regulation and to proactively address potential
pension obligations and reporting
resulting risks.
requirements.
\n
Actuarial assumptions
\n
The Group\u2019s plan liabilities are measured using the projected unit credit method using the principal
\n
actuarial assumptions set out below:
\n\n \n
2025
2024
2023
%
%
%
Weighted average actuarial assumptions used at 31 March
1
Rate of inflation
2
2.8
2.9
3.0
Rate of increase in salaries
3
3.1
3.0
3.0
Discount rate
5.1
4.5
4.5
\n
Notes:
\n
1. Figures shown represent a weighted average assumption of the individual plans.
\n
2. The rate of increase in pensions in payment and deferred revaluation are dependent on the rate of inflation.
\n
3. Relates only to schemes open to future accrual primarily in Germany, Ireland and India.
\n
Mortality assumptions used are based on recommendations from the individual local actuaries which include
\n
adjustments for the experience of the Group where appropriate. The Group\u2019s largest plan is the Vodafone UK
\n
plan. Life expectancies assumed for the UK plans are 22.5/24.3 years (2024: 22.6/24.3 years) for a male/female
\n
pensioner currently aged 65 years and 23.5/25.4 years (2024: 23.6/25.4 years) from age 65 for a male/female
\n
non-pensioner member currently aged 40.
\n
Charges made to the consolidated income statement and consolidated statement of comprehensive income
\n
(\u2018SOCI\u2019) on the basis of the assumptions stated above are shown in the table below.
\n\n \n
2025
2024
2023
\u20acm
\u20acm
\u20acm
Current service cost
36
42
44
Net past service cost
15
\u2013
\u2013
Net interest (income) included within staff costs
\u2013
(8)
(7)
Total net cost included within staff costs
51
34
37
Net interest (income) included in financing costs
(4)
\u2013
\u2013
Total net cost included within profit and loss
47
34
37
Actuarial losses recognised in the SOCI
12
77
213
\n\n
Duration of the benefit obligations
\n
The weighted average duration of the defined benefit obligation at 31 March 2025 is 13 years (2024: 15 years).
\n
Fair value of the assets and present value of the liabilities of the plans
\n
The amount included in the consolidated statement of financial position arising from the Group\u2019s obligations in
\n
respect of its defined benefit plans is as follows:
\n\n \n
Assets
Liabilities
Net surplus
\u20acm
\u20acm
\u20acm
1 April 2023
5,047
(4,976)
71
Service cost
\u2013
(42)
(42)
Interest income/(cost)
223
(215)
8
Return on plan assets excluding interest income
(102)
\u2013
(102)
Actuarial gains arising from changes in demographic assumptions
\u2013
72
72
Actuarial gains arising from changes in financial assumptions
\u2013
30
30
Actuarial losses arising from experience adjustments
\u2013
(77)
(77)
Employer cash contributions
41
\u2013
41
Member cash contributions
15
(15)
\u2013
Benefits paid
(173)
173
\u2013
Exchange rate movements
104
(73)
31
Liabilities held for sale
\u2013
51
51
Other movements
(7)
\u2013
(7)
31 March 2024
5,148
(5,072)
76
Service cost
\u2013
(51)
(51)
Interest income/(cost)
229
(225)
4
Return on plan assets excluding interest income
(467)
\u2013
(467)
Actuarial gains arising from changes in demographic assumptions
\u2013
6
6
Actuarial gains arising from changes in financial assumptions
\u2013
465
465
Actuarial losses arising from experience adjustments
\u2013
(16)
(16)
Employer cash contributions
41
\u2013
41
Member cash contributions
19
(19)
\u2013
Benefits paid
(192)
192
\u2013
Exchange rate movements
84
(79)
5
Other movements
(8)
\u2013
(8)
31 March 2025
4,854
(4,799)
55
\n
The table below provides an analysis of the net surplus for the Group as a whole.
\n\n \n
2025
2024
\u20acm
\u20acm
Analysis of net surplus:
Total fair value of plan assets
4,854
5,148
Present value of funded plan liabilities
(4,722)
(5,017)
Net surplus for funded plans
132
131
Present value of unfunded plan liabilities
(77)
(55)
Net surplus
55
76
Net surplus is analysed as:
Assets
1
242
257
Liabilities
(187)
(181)
\n
Note:
\n
1. All net surpluses are reported as non-current assets in the consolidated statement of financial position. Pension assets are deemed to
\n
be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the
\n
Group either in the form of future refunds or, for plans still open to benefit accrual, in the form of possible reductions in future
\n
contributions.
\n
An analysis of net surplus is provided below for the Vodafone UK plan, which is a funded plan. As part of the
\n
merger of the Vodafone UK plan and the Cable and Wireless Worldwide Retirement Plan (\u2018CWWRP\u2019) plan on 6
\n
June 2014 the assets and liabilities of the CWW Section are segregated from the Vodafone Section and hence are
\n
reported separately below.
\n\n \n
CWW Section
Vodafone Section
2025
2024
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
Analysis of net surplus:
Total fair value of plan assets
1,640
1,781
1,805
1,983
Present value of plan liabilities
(1,550)
(1,676)
(1,750)
(1,924)
Net surplus
1
90
105
55
59
\n
Note:
\n
1.
All net surpluses are reported as non-current assets in the consolidated statement of financial position.
\n\n
Fair value of plan assets
2025
2024
\u20acm
\u20acm
Cash and cash equivalents
61
52
Equity investments:
With quoted prices in an active market
471
261
Without quoted prices in an active market
37
293
Debt instruments:
With quoted prices in an active market
1,151
928
Without quoted prices in an active market
683
944
Property:
With quoted prices in an active market
17
16
Without quoted prices in an active market
313
374
Derivatives
:
1
Without quoted prices in an active market
927
1,040
Investment funds
572
580
Annuity policies
Without quoted prices in an active market
622
660
Total
4,854
5,148
\n
Note:
\n
1. Derivatives include collateral held in the form of cash. Assets are valued using \u2018level 2\u2019 inputs under IFRS 13 \u2018Fair Value Measurement\u2019
\n
principles and classified as unquoted accordingly.
\n
The fair value of plan assets, which have been measured in accordance with IFRS 13 \u2018Fair Value Measurement\u2019,
\n
are analysed by asset category above and are subdivided by assets that have a quoted market price in an active
\n
market and those that do not, such as investment funds. Where available, the fair values are quoted prices (e.g.
\n
listed equity, sovereign debt and corporate bonds). Unlisted investments without quoted prices in an active
\n
market (e.g. private equity) are included at values provided by the fund manager in accordance with relevant
\n
guidance. Other significant assets are valued based on observable inputs such as yield curves. The Vodafone UK
\n
plan annuity policies fully match the pension obligations of those pensioners insured and therefore are set equal
\n
to the present value of the related obligations. Investment funds of \u20ac572 million at 31 March 2025 (2024: \u20ac580
\n
million) include investments in diversified alternative beta funds held in the Vodafone Section of the Vodafone
\n
UK plan.
\n
The actual return on plan assets over the year to 31 March 2025 was a loss of \u20ac238 million (2024: \u20ac121 million
\n
gain).
\n
Sensitivity analysis
\n
Measurement of the Group\u2019s defined benefit retirement obligation is sensitive to changes in certain key
\n
assumptions. The sensitivity analysis below shows how a reasonably possible increase or decrease in a
\n
particular assumption would, in isolation, result in an increase or decrease in the present value of the
\n
defined benefit obligation as at 31 March 2025.
Rate of increase
Rate of inflation
in salaries
Discount rate
Life expectancy
Decrease
Increase
Decrease
Increase
Decrease
Increase
Decrease
Increase
by 0.5%
by 0.5%
by 0.5%
by 0.5%
by 0.5%
by 0.5%
by 1 year
by 1 year
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
(Decrease)/increase in the present
value of the defined benefit
obligation
1
(198)
189
(2)
2
286
(264)
(108)
111
\n
Note:
\n
1. The sensitivity analysis may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in
\n
assumptions would occur in isolation of one another. In presenting this sensitivity analysis, the change in the present value of the
\n
defined benefit obligation has been calculated on the same basis as prior years using the projected unit credit method at the end of the
\n
year, which is the same as that applied in calculating the defined benefit obligation liability recognised in the statement of financial
\n
position. The rate of inflation assumption sensitivity factors in the impact of changes to all assumptions relating to inflation including
\nthe rate of increase in salaries, pension increases and deferred revaluations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00913": { "value": "Accounting policies
For defined benefit retirement plans, the difference between the fair value of the plan assets and the present
\n
value of the plan liabilities is recognised as an asset or a liability on the consolidated statement of financial
\n
position. Defined benefit plan liabilities are assessed using the projected unit funding method and applying the
\n
principal actuarial assumptions at the reporting period date. Assets are valued at market value.
\n
Actuarial gains and losses are taken to the consolidated statement of comprehensive income for defined benefit
\n
plans or consolidated income statement for cash leaver plans as incurred. For this purpose, actuarial gains and
\n
losses comprise both the effects of changes in actuarial assumptions and experience adjustments arising from
\n
differences between the previous actuarial assumptions and what has actually occurred. The return on plan
\n
assets, in excess of interest income, and costs incurred for the management of plan assets are also taken to other
\n
comprehensive income.
\n
Other movements in the net surplus or deficit are recognised in the consolidated income statement, including
\n
the current service cost, any past service cost and the effect of any settlements. The interest cost less the
\n
expected interest income on assets is also charged to the consolidated income statement. The amount charged
\n
to the consolidated income statement in respect of these plans is included within operating costs, profit or loss
\n
or in the Group\u2019s share of the results of equity accounted operations, as appropriate.
\n
The Group\u2019s contributions to defined contribution pension plans are charged to the consolidated income
\nstatement as they fall due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00914": { "value": "26. Share based payments
The Group has a number of share plans used to award shares to Executive Directors and
\n
employees as part of their remuneration package. A charge is recognised over the vesting
\n
period in the consolidated income statement to record the cost of these, based on the fair
\n
value of the award on the grant date.
\n
Accounting policies
\n
The Group issues equity-settled share-based awards to certain employees. Equity-settled share-based awards are
\n
measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair
\n
value determined at the grant date of the equity-settled share-based award is expensed on a straight-line basis
\n
over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest and adjusted for the
\n
effect of non-market-based vesting conditions. A corresponding increase in additional paid-in capital is also
\n
recognised.
\n
Some share awards have an attached market condition, based on total shareholder return (\u2018TSR\u2019), which is taken
\n
into account when calculating the fair value of the share awards. The valuation for the TSR is based on
\n
Vodafone\u2019s ranking within the same group of companies, where possible, over the past five years.
\n
The fair value of awards of non-vested shares is a calculation of the closing price of the Company\u2019s shares on the
\n
day prior to the grant date, adjusted for the present value of the delay in receiving dividends where appropriate.
\n
The maximum aggregate number of ordinary shares which may be issued in respect of share options or share
\n
plans will not (without shareholder approval) exceed:
\n
\u2212
10% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when
\n
aggregated with the total number of ordinary shares which have been allocated in the preceding ten year
\n
period under all plans; and
\n
\u2212
5% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when
\n
aggregated with the total number of ordinary shares which have been allocated in the preceding ten year
\n
period under all plans, other than any plans which are operated on an all-employee basis.
\n
Share options
\n
Vodafone Sharesave Plan
\n
Under the Vodafone Sharesave Plan UK staff may acquire shares in the Company through monthly savings of up
\n
to \u00a3375 over a three and/or five year period. The savings may then be used to purchase shares at the option
\n
price, which is set at the beginning of the invitation period at a discount of up to 20% to the then prevailing
\n
market price of the Company\u2019s shares.
\n
Share plans
\n
Vodafone Group executive plans
\n
Under the Vodafone Global Incentive Plan awards of shares are granted to Directors and certain employees. The
\n
release of these shares is conditional upon continued employment and for some awards achievement of certain
\n
performance targets measured over a three year period.
\n
Movements in outstanding ordinary share options
Ordinary share options
2025
2024
2023
Millions
Millions
Millions
1 April
70
62
61
Granted during the year
13
63
50
Forfeited during the year
(1)
(1)
(2)
Exercised during the year
\u2013
\u2013
(8)
Expired during the year
(17)
(54)
(39)
31 March
65
70
62
Weighted average exercise price:
1 April
\u00a30.66
\u00a30.87
\u00a31.02
Granted during the year
\u00a30.61
\u00a30.58
\u00a30.83
Forfeited during the year
\u00a30.63
\u00a30.81
\u00a31.02
Exercised during the year
\u00a30.58
\u00a31.06
\u00a31.05
Expired during the year
\u00a30.74
\u00a30.82
\u00a31.01
31 March
\u00a30.62
\u00a30.66
\u00a30.87
\n
Summary of options outstanding
31 March 2025
31 March 2024
Outstanding
Weighted
Weighted
Outstanding
Weighted
Weighted
Millions
price
Months
Millions
price
Months
Vodafone Group Sharesave Plan:
\u00a30.58 - \u00a31.57
65
\u00a30.62
23
70
\u00a30.66
31
\n
Share awards
\n
Movements in non-vested shares are as follows:
2025
2024
2023
Weighted
Weighted
Weighted
average fair
average fair
average fair
value at
value at
value at
Millions
grant date
Millions
grant date
Millions
grant date
1 April
317
\u00a30.92
261
\u00a31.14
270
\u00a31.07
Granted
187
\u00a30.70
177
\u00a30.72
120
\u00a31.17
Vested
(85)
\u00a31.09
(76)
\u00a31.17
(70)
\u00a31.15
Forfeited
(50)
\u00a30.90
(45)
\u00a30.99
(59)
\u00a30.89
31 March
369
\u00a30.77
317
\u00a30.92
261
\u00a31.14
\n
Other information
\n
The total fair value of shares vested during the year ended 31 March 2025 was \u00a393 million (2024: \u00a389 million;
\n
2023: \u00a381 million).
\n
The compensation cost included in the consolidated income statement in respect of share options and share
\n
plans was \u20ac112 million (2024: \u20ac125 million; 2023: \u20ac141 million) which is comprised principally of equity-settled
\n
transactions.
\n
The average share price for the year ended 31 March 2025 was 71.3 pence (2024: 74.7 pence; 2023: 108.2
\npence). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00915": { "value": "Accounting policies
The Group issues equity-settled share-based awards to certain employees. Equity-settled share-based awards are
\n
measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair
\n
value determined at the grant date of the equity-settled share-based award is expensed on a straight-line basis
\n
over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest and adjusted for the
\n
effect of non-market-based vesting conditions. A corresponding increase in additional paid-in capital is also
\n
recognised.
\n
Some share awards have an attached market condition, based on total shareholder return (\u2018TSR\u2019), which is taken
\n
into account when calculating the fair value of the share awards. The valuation for the TSR is based on
\n
Vodafone\u2019s ranking within the same group of companies, where possible, over the past five years.
\n
The fair value of awards of non-vested shares is a calculation of the closing price of the Company\u2019s shares on the
\n
day prior to the grant date, adjusted for the present value of the delay in receiving dividends where appropriate.
\n
The maximum aggregate number of ordinary shares which may be issued in respect of share options or share
\n
plans will not (without shareholder approval) exceed:
\n
\u2212
10% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when
\n
aggregated with the total number of ordinary shares which have been allocated in the preceding ten year
\n
period under all plans; and
\n
\u2212
5% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when
\n
aggregated with the total number of ordinary shares which have been allocated in the preceding ten year
\nperiod under all plans, other than any plans which are operated on an all-employee basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00916": { "value": "27. Acquisitions and disposals
The note below provides details of acquisition and disposal transactions for the current year as well as
\n
those completed in the prior year. For further details see \u2018Critical accounting judgements and key
\n
sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation\u2019 to the consolidated financial
\n
statements.
\n
Accounting policies
\n
Business combinations
\n
Acquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured
\n
at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and equity
\n
instruments issued by the Group. Acquisition-related costs are recognised in the consolidated income statement as
\n
incurred. The acquiree\u2019s identifiable assets and liabilities are recognised at their fair values at the acquisition date,
\n
which is the date on which control is transferred to the Group. Goodwill is measured as the excess of the sum of the
\n
consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the
\n
Group\u2019s previously held equity interest in the acquiree, if any, over the net amounts of identifiable assets acquired
\n
and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the acquiree may
\n
initially be measured either at fair value or at the non-controlling shareholders\u2019 proportion of the net fair value of the
\n
identifiable assets acquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made
\n
on an acquisition-by-acquisition basis.
\n
Acquisition of interests from non-controlling shareholders
\n
In transactions with non-controlling parties that do not result in a change in control, the difference between the fair
\n
value of the consideration paid or received and the amount by which the non-controlling interest is adjusted, is
\n
recognised in equity.
\n
Disposals
\n
The difference between the carrying value of the net assets disposed of and the fair value of consideration received is
\n
recorded as a gain or loss on disposal. Foreign exchange translation gains or losses relating to subsidiaries, joint
\n
arrangements and associates that the Group has disposed of, and that have previously been recorded in other
\n
comprehensive income or expense, are also recognised as part of the gain or loss on disposal.
\n
Purchase of subsidiaries
\n
The aggregate cash consideration in respect of the purchase of subsidiaries, net of cash acquired, is as follows:
2025
2024
\u20acm
\u20acm
Cash consideration (paid)
Other
(9)
\u2013
(9)
\u2013
\n
Other transactions with non-controlling shareholders in subsidiaries
\n
The aggregate cash consideration in respect of other transactions with non-controlling shareholders in subsidiaries,
\n
net of cash acquired, is as follows:
2025
2024
\u20acm
\u20acm
Cash consideration received / (paid)
Other
8
(16)
8
(16)
\n
Disposals
\n
The aggregate cash consideration in respect of the disposal of subsidiaries, net of cash disposed, is as follows:
2025
2024
\u20acm
\u20acm
Cash consideration received/(paid)
Vodafone Spain
3,669
\u2013
Vodafone Italy
7,707
\u2013
Vodafone Hungary
\u2013
(4)
Net cash disposed
(155)
(63)
11,221
(67)
\n
Vodafone Spain
\n
On 31 May 2024, the Group announced it had completed the sale of Vodafone Holdings Europe, S.L.U. (\u2018Vodafone
\n
Spain\u2019) to Zegona Communications plc (\u2018Zegona\u2019) for \u20ac4,069 million in cash (subject to closing accounts
\n
adjustments) and up to \u20ac900 million of non-cash consideration in the form of redeemable preference shares. \u20ac400
\n
million of the cash received relates to future services to be provided by the Group to Zegona and has been deferred
\n
on the Group\u2019s statement of financial position. The table below summarises the net assets disposed and the
\n
resulting loss on disposal of \u20ac148 million.
\u20acm
Other intangible assets
(996)
Property, plant and equipment
(5,058)
Other investments
(3)
Inventory
(40)
Trade and other receivables
(1,033)
Cash and cash equivalents
(91)
Current and deferred taxation
2
Borrowings
1,205
Trade and other payables
1,143
Provisions
181
Net assets disposed
(4,690)
Cash proceeds
1
3,669
Non-cash consideration (Zegona shares)
2
807
Other effects
66
Net loss on disposal
3
(148)
\n
Notes:
\n
1. Excludes \u20ac400 million of consideration related to future services to be provided by the Group to Zegona.
\n
2. The non-cash consideration comprises an investment in Zegona shares with a fair value of \u20ac807 million at the transaction date.
\n
3. Included in \u2018Loss for the financial year - Discontinued operations\u2019 in the consolidated income statement.
\n
Vodafone Italy
\n
On 31 December 2024, the Group announced it had completed the sale of Vodafone Italia S.p.A. (\u2018Vodafone
Italy\u2019) to
\n
Swisscom AG for \u20ac7,885
million in cash (subject to closing accounts adjustments). \u20ac178
million of the cash received
\n
relates to future services to be provided by the Group to Swisscom AG and
has been deferred on the Group\u2019s
\n
statement of financial position. The table below summarises the net assets disposed and the resulting loss on
\n
disposal of \u20ac1,133
million.
\u20acm
Goodwill
(2,398)
Other intangible assets
(3,479)
Property, plant and equipment
(5,230)
Inventory
(122)
Trade and other receivables
(1,275)
Cash and cash equivalents
(64)
Current and deferred taxation
(144)
Borrowings
2,089
Trade and other payables
1,733
Post employment benefits
35
Provisions
181
Net assets disposed
(8,674)
Cash proceeds
1
7,707
Other effects
(166)
Net loss on disposal
2
(1,133)
\n
Notes:
\n
1.
Excludes \u20ac178
million of consideration related to future services to be provided by the Group to Swisscom AG.
\n
2.
Included in \u2018Loss for the financial year -
Discontinued operations\u2019 in the consolidated income statement.
\n
M-Pesa Holdings
\n
In the comparative period, on 28 September 2023, the Group sold M-Pesa
Holding Company Limited (\u2018MPHCL\u2019)
\n
which holds funds on trust for M-Pesa
customers, to Safaricom Plc for US$1. Balances included in the Group\u2019s
\n
consolidated statement of financial position
at the date of disposal included cash of \u20ac63 million, together with
\n
short-term investments of \u20ac1,195 million and \u20ac1,156 million due to M-Pesa
customers recorded within Other
\n
investments and Trade and other payables, respectively.
\n
Merger of Vodafone and Three in the UK
\n
On 31 May 2025,
the Group and CK Hutchison Group Telecom Holdings Limited (\u2018CKHGT\u2019), a wholly owned
\n
subsidiary of CK Hutchison Holdings Limited (\u2018Hutchison\u2019), transferred their UK telecommunication businesses,
\n
respectively Vodafone Limited (\u2018Vodafone UK\u2019) and Three
UK Limited (\u2018Three UK\u2019), into VodafoneThree
Holdings
\n
Limited (\u2018VTHL\u2019). Following completion, VTHL is a subsidiary of the Group, in which the Group owns 51% of the
\n
issued share capital and CKHGT indirectly owns 49%, and Vodafone UK and Three UK are wholly owned
\n
subsidiaries of VTHL.
\n
Consideration paid by the Group to Hutchison was 49% of Vodafone UK\u2019s equity. No
cash consideration was paid
\n
in connection with the combination or the grant of options (see below). Vodafone UK and Three UK were
\n
contributed with differential debt amounts owing to their respective shareholders at closing to achieve the
\n
required ownership structure. The Group advanced loans of \u00a36,010 million to VTHL of which \u00a31,684 million was
\n
utilised to settle Three UK\u2019s outstanding debt with Hutchison. In addition, Vodafone and Hutchison committed to
\n
an additional \u00a3800 million of equity funding in proportion to their shareholdings, which VTHL can draw, if
\n
required.
\n
As part of the transaction, Vodafone and Hutchison agreed a framework to enable Vodafone to acquire
\n
Hutchison\u2019s 49% shareholding in VTHL
through a Vodafone call or a Hutchison put option which may be
\n
exercised at fair market value, subject to customary third party approvals and consents, and settled in cash or
\n
new Vodafone Group Plc shares, at the Group\u2019s option, subject to certain conditions.
The call and put options will
\n
become exercisable after three full financial years following closing providing that the fair market enterprise
\n
value of VTHL reaches a minimum of \u00a316.5 billion until after the seventh financial year following completion,
\n
when this threshold will cease to apply to the exercise of the Hutchison put option.
As the Group has the ability
\n
to settle the put option with Vodafone Group Plc shares, no put option liability will initially be recorded.
\n
While VTHL is a controlled subsidiary of the Group, under certain very limited circumstances, including significant
\n
financial underperformance of VTHL, Hutchison may acquire additional rights that might result in a loss of
\n
control for accounting purposes.
\n
Access to information required to assess the fair value to be assigned to individual assets acquired and liabilities
\n
assumed at the date of acquisition was limited in the period prior to the date of approval of the consolidated
\n
financial statements. Consequently, the fair value of the net assets acquired from Three UK and any resultant
\ngoodwill to be recognised as a result of the combination have not yet been determined. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00918": { "value": "Accounting policies
Business combinations
\n
Acquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured
\n
at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and equity
\n
instruments issued by the Group. Acquisition-related costs are recognised in the consolidated income statement as
\n
incurred. The acquiree\u2019s identifiable assets and liabilities are recognised at their fair values at the acquisition date,
\n
which is the date on which control is transferred to the Group. Goodwill is measured as the excess of the sum of the
\n
consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the
\n
Group\u2019s previously held equity interest in the acquiree, if any, over the net amounts of identifiable assets acquired
\n
and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the acquiree may
\n
initially be measured either at fair value or at the non-controlling shareholders\u2019 proportion of the net fair value of the
\n
identifiable assets acquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made
\non an acquisition-by-acquisition basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00919": { "value": "Acquisition of interests from non-controlling shareholders
In transactions with non-controlling parties that do not result in a change in control, the difference between the fair
\n
value of the consideration paid or received and the amount by which the non-controlling interest is adjusted, is
\nrecognised in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00917": { "value": "Other transactions with non-controlling shareholders in subsidiaries
The aggregate cash consideration in respect of other transactions with non-controlling shareholders in subsidiaries,
\n
net of cash acquired, is as follows:
2025
2024
\u20acm
\u20acm
Cash consideration received / (paid)
Other
8
(16)
8
(16)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00920": { "value": "28. Commitments
A commitment is a contractual obligation to make a payment in the future, mainly in relation to
agreements to buy assets such as mobile devices, network infrastructure and IT systems and leases
that have not commenced. These amounts are not recorded in the consolidated statement of
financial position since we have not yet received the goods or services from the supplier.
Capital commitments
The amounts below are the minimum amounts that we are committed to pay.
2025
2024
\u20acm
\u20acm
Contracts placed for future capital expenditure not provided in the financial
statements
1, 2
2,264
2,442
Notes:
1. Commitment includes contracts placed for property, plant and equipment and intangible assets.
2. Includes \u20acnil (2024: \u20ac423 million) in respect of Vodafone Italy and Vodafone Spain, which are reported as discontinued operations. See note
7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
Leases entered into by the Group but not commenced at 31 March 2025 are disclosed in note 20 \u2018Leases\u2019.
In March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG
Glasfaser Beteiligungs GmbH (\u2018OXG\u2019), with 50.0% shareholding held by each shareholder. Each shareholder is
committed to contribute funding of up to \u20ac950 million to OXG for the deployment of fibre-to-the-home in
Germany.
During the year ended 31 March 2025, the Group provided \u20ac36 million (2024: \u20ac32 million) of capital
contributions to OXG. The remaining funding commitment of \u20ac882 million is expected to be contributed
between 2025 and 2029. The amount and timing of the funding depends on the speed and size of the fibre
deployment. The contribution can be in the form of free capital reserves, shareholder loan, loan notes or similar
instruments as agreed by the shareholders.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00922": { "value": "28. Commitments
A commitment is a contractual obligation to make a payment in the future, mainly in relation to
agreements to buy assets such as mobile devices, network infrastructure and IT systems and leases
that have not commenced. These amounts are not recorded in the consolidated statement of
financial position since we have not yet received the goods or services from the supplier.
Capital commitments
The amounts below are the minimum amounts that we are committed to pay.
2025
2024
\u20acm
\u20acm
Contracts placed for future capital expenditure not provided in the financial
statements
1, 2
2,264
2,442
Notes:
1. Commitment includes contracts placed for property, plant and equipment and intangible assets.
2. Includes \u20acnil (2024: \u20ac423 million) in respect of Vodafone Italy and Vodafone Spain, which are reported as discontinued operations. See note
7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
Leases entered into by the Group but not commenced at 31 March 2025 are disclosed in note 20 \u2018Leases\u2019.
In March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG
Glasfaser Beteiligungs GmbH (\u2018OXG\u2019), with 50.0% shareholding held by each shareholder. Each shareholder is
committed to contribute funding of up to \u20ac950 million to OXG for the deployment of fibre-to-the-home in
Germany.
During the year ended 31 March 2025, the Group provided \u20ac36 million (2024: \u20ac32 million) of capital
contributions to OXG. The remaining funding commitment of \u20ac882 million is expected to be contributed
between 2025 and 2029. The amount and timing of the funding depends on the speed and size of the fibre
deployment. The contribution can be in the form of free capital reserves, shareholder loan, loan notes or similar
instruments as agreed by the shareholders.
29. Contingent liabilities and legal proceedings
Contingent liabilities are potential future cash outflows, where the likelihood of payment is
considered more than remote, but is not considered probable or cannot be measured reliably.
2025
2024
\u20acm
\u20acm
Performance and payment bonds
1
1,313
1,399
Note:
1. Performance bonds require the Group to make payments to third parties in the event that the Group does not perform what is expected of it
under the terms of any related contracts or commercial arrangements.
UK pension schemes
The Group\u2019s main defined benefit plan is the Vodafone UK Group Pension Scheme (\u2018Vodafone UK plan\u2019) which has
two segregated sections, the Vodafone Section and the CWW Section, as detailed in note 25 \u2018Post employment
benefits\u2019.
The Group has covenanted to provide security in favour of both the Vodafone Section and CWW Section when they
are in a deficit position. The deficit is measured on a prescribed basis agreed between the Group and the Trustee,
which differs from the IAS 19 accounting basis or the funding basis per the triennial actuarial valuation reported in
note 25 \u2018Post employment benefits\u2019. Consequently, the future level of security may vary in line with movements in
the Vodafone UK plan deficit. The Group provides surety bonds as the security.
As at 31 March 2025, the Vodafone UK plan holds security over \u20ac119 million (notional value) for the Vodafone
Section and no security is currently required for the CWW Section. The security may be substituted either on a
voluntary or mandatory basis. The Company has also provided two guarantees to the Vodafone Section of the
Vodafone UK plan for a combined value up to \u20ac1.49 billion to provide security over the deficit under certain defined
circumstances, including insolvency of the employers. The Company has also agreed a similar guarantee of up to
\u20ac1.49 billion for the CWW Section.
An additional smaller UK defined benefit plan, the THUS Plc Group Scheme, has a guarantee from the Company for
up to \u20ac119 million.
\n
Vodafone Idea
\n
As part of the agreement to merge Vodafone India and Idea Cellular in 2017, the parties agreed a mechanism for
\n
payments between the Group and Vodafone Idea Limited (\u2018VIL\u2019) pursuant to the difference between the
\n
crystallisation of certain identified contingent liabilities in relation to legal, regulatory, tax and other matters, and
\n
refunds relating to Vodafone India and Idea Cellular (the
\u2018CLAM indemnity\u2019).
Cash payments or cash receipts relating
\n
to these matters must have been made or received by VIL before any amount becomes due from or owed to the
\n
Group. Any future payments by the Group to VIL as a result of this agreement would only be made after satisfaction
\n
of this and other contractual conditions.
The Group\u2019s maximum potential exposure under this mechanism is capped
\n
at INR 64 billion (\u20ac695 million).
\n
The final liability calculation date under the CLAM indemnity has been agreed to be extended to 30 September
\n
2025. No further cash payments are considered probable from the Group as at 31 March 2025.
\n
The carrying value of the Group\u2019s investment in VIL is \u20acnil and the Group is recording no further share of losses in
\n
respect of VIL. The Group\u2019s potential exposure to liabilities within VIL is capped by the mechanism described above;
\n
consequently, contingent liabilities arising from litigation in India concerning the operations of Vodafone India are
\n
not reported.
\n
Indus Towers
\n
Under the terms of the Indus and Bharti Infratel merger in November 2020, a security package was agreed for the
\n
benefit of the newly created merged entity, Indus Towers, which could be invoked in the event that VIL was unable
\n
to make payments to Indus Towers for the use of towers space. The remaining element of the security package at 31
\n
March 2024 was a secondary pledge over the shares owned by Vodafone Group in Indus Towers, ranking behind
\n
Vodafone\u2019s existing lenders for the outstanding bank borrowings of \u20ac1.7 billion as at 31 March 2024 secured against
\n
Indian assets (\u2018the bank borrowings\u2019), with a maximum liability cap of INR 42.5 billion (\u20ac472 million).
In the event of
\n
non-payment of relevant liabilities by VIL, Indus Towers had recourse to any secondary pledged shares, after
\n
repayment of the bank borrowings in full, up to the value of the liability cap.
\n
The Group disposed of its investment in Indus Towers in two tranches during June and December 2024 (see note 12
\n
\u2018Associates and joint arrangements\u2019).
Following the sales the bank borrowings were fully repaid and, in January 2025,
\n
surplus proceeds of INR 19.1 billion (\u20ac207 million) were invested in newly issued VIL equity, which VIL immediately
\n
used to partially settle outstanding MSA obligations to Indus Towers resulting in the release of the secondary
\n
pledge.
\n
Legal proceedings
\n
The Group is currently involved in a number of legal proceedings, including inquiries from, or discussions with,
\n
government authorities that are incidental to its operations.
\n
Legal proceedings where the Group considers that the likelihood of material future outflows of cash or other
\n
resources is more than remote are disclosed below. Where the Group assesses that it is probable that the outcome
\n
of legal proceedings will result in a financial outflow, and a reliable estimate can be made of the amount of that
\n
obligation, a provision is recognised for these amounts.
\n
In all cases, determining the probability of successfully defending a claim against the Group involves the application
\n
of judgement as the outcome is inherently uncertain. The determination of the value of any future outflows of cash
\n
or other resources, and the timing of such outflows, involves the use of estimates. The costs incurred in complex
\n
legal proceedings, regardless of outcome, can be significant.
\n
The Group is not involved in any material proceedings in which any of the Group\u2019s Directors, members of senior
\n
management or affiliates are either a party adverse to the Group or have a material interest adverse to the Group.
\n
Tax cases
\n
VISPL tax claims
\n
Vodafone India Services Private Limited (\u2018VISPL\u2019) has outstanding tax disputes with the Indian tax authorities
\n
predominantly relating to Vodafone\u2019s acquisition of Hutchison Essar (later renamed as Vodafone India Limited)
\n
covering five assessment years between 2008-09 and 2014-15. The total value of the tax authority claims for
\n
those assessment years as at 31 March 2024 was approximately \u20ac468 million plus interest, and penalties of up to
\n
300% of the principal.
\n
VISPL is taking part in a tax amnesty scheme to resolve these tax disputes. As part of this scheme, in February
\n
2025, VISPL made a payment of \u20ac130 million to the Indian tax authorities
for assessment year 2008-09. For the
\n
other assessment years, once multiple tax credits, offsets and all tax technical issues have been resolved for the
\n
different assessment years, we anticipate VISPL will obtain a net repayment
of \u20ac13 million. The amnesty gives
\n
rise to an income statement tax charge of \u20ac185 million due to tax deposits previously held as recoverable assets
\n
being written-off.
\n
Netherlands tax case
\n
Vodafone Europe BV (\u2018VEBV\u2019) received assessments totalling \u20ac267 million in tax and interest from the Dutch tax
\n
authorities, who challenged the application of the arm\u2019s length principle in relation to various intra-group
financing
\n
transactions. VEBV appealed against these assessments to the District Court of the Hague where a hearing was held
\n
in March 2023. The District Court issued its judgement in July 2023, upholding VEBV\u2019s appeal in relation to the
\n
majority of issues and requiring the Dutch tax authorities to significantly reduce its assessments. VEBV and the Dutch
\n
tax authorities subsequently appealed the District Court\u2019s judgement before the Court of Appeal of The Hague
\n
where the appeal hearing was held in February 2025. A decision is expected during summer 2025.
\n
The Group continues to believe it has robust defences but
has recorded a provision of \u20ac26 million for tax and
\n
accrued interest reflecting the July 2023 judgement and the Group\u2019s current view of the probable financial outflow
\n
required to fully resolve the issue.
\n
Other cases in the Group
\n
Germany: price increase class action
\n
In November 2023, the Verbraucherzentrale Bundesverband (Federation of German Consumer Organisations)
\n
initiated a class action against Vodafone Germany in the Hamm Higher Regional Court. Vodafone Germany
\n
implemented price increases of \u20ac5 per month for fixed lines services in 2023 in response to higher costs. The claim
\n
alleges that terms regarding price increases
in the consumer contracts entered into by Vodafone Germany\u2019s
\n
customers up until August 2023 are invalid under German civil law and seeks reimbursement of the additional
\n
charges plus interest. Customers must enter their details onto the register of collective actions on the Federal Office
\n
of Justice website in order to participate in the claim. The register opened in April 2024 and as at 31 March 2025,
\n
approximately 99,200 customers had registered. Vodafone Germany filed its defence in August 2024 and a hearing
\n
will take place on 3 December 2025.
\n
Whilst the Group intends to defend the claim, it is not able to determine the likelihood or estimate the amount of any
\n
possible financial loss at this stage of the proceedings.
\n
Germany: claims regarding transfer of data to credit agencies
\n
Individual consumers are bringing claims against Vodafone Germany and/or the other national network
\n
operators alleging that information was passed to credit agencies up to February 2024 about contracts for
\n
mobile services without consumer consent. The claims seek damages of up to \u20ac5,000 per contract for GDPR
\n
(General Data Protection Regulation) infringement. As at 28 March 2025, Vodafone Germany had been notified
\n
of 534 claims filed in various regional courts. Out of 314 court judgements issued so far, Vodafone Germany has
\n
been successful in all but seven claims in which damages in the range of \u20ac100 -
\u20ac400 were awarded
to the
\n
consumer. The other national network operators are facing similar claims.
\n
The Group\u2019s position is that the transfer of data about the existence of a consumer contract (and not about
\n
payments in relation to the contract) to credit agencies is standard practice and justified for the purposes of fraud
\n
prevention. However, given the consumer claims, Vodafone Germany has stopped this activity.
\n
Although the total potential number of claims and financial losses is uncertain, the Group believes it has valid
\n
defences and that no present obligation exists based on all available evidence.
\n
Germany: investigation by federal data protection authority
\n
In 2021, the BfDI (Federal Commissioner for Data Protection and Freedom of Information) started investigations
\n
into potential breaches of the GDPR in relation to systems used to manage and protect customer data. Vodafone
\n
Germany has made an immaterial payment to the BfDI in settlement of these investigations.
\n
Germany: investigation by competition authority regarding 1&1
\n
In December 2021 1&1 entered into an agreement with Vantage Towers for the provision of infrastructure for
\n
antenna sites. Vantage Towers sub-contracted certain aspects of the delivery under the agreement to Vodafone
\n
Germany.
\n
In March 2023, Vodafone Germany and Vodafone Group (together \u2018Vodafone\u2019) were informed that 1&1 had
\n
submitted a complaint to the Bundeskartellamt (\u2018BkA\u2019), the competition authority in Germany, alleging
\n
infringements of competition law. Following the start of a formal investigation in June 2023, the BkA issued a
\n
Statement of Objections on 11 April 2025 with its view that the delayed provision by Vodafone and Vantage
\n
Towers of the contractually agreed tower locations acted as an obstacle to 1&1\u2019s market entry
and an abuse of
\n
dominance.
Vodafone\u2019s response to the Statement of Objections is
currently due to be submitted to the BkA on
\n
27 June 2025.
\n
Vodafone is currently unable to estimate any possible loss but, while the outcome is uncertain, the Group
\n
believes it has valid defences and that it is probable no present obligation exists.
\n
Italy: Iliad v Vodafone Italy
\n
In July 2019, Iliad filed a claim for \u20ac500 million against Vodafone Italy in the Civil Court of Milan. The claim
\n
alleges anti-competitive behaviour in relation to customer portability and certain advertising campaigns by
\n
Vodafone Italy. The main hearing on the merits of the claim took place on 8 June 2021. On 17 April 2023, the
\n
Civil Court issued a judgement in Vodafone Italy's favour and rejected Iliad's claim for damages in full. Iliad filed
\n
an appeal before the Court of Appeal of Milan in June 2023. The appeal process is ongoing and a hearing will take
\n
place on 25 June 2025 for final arguments.
\n
Following the divestment of Vodafone Italy, this claim is subject to an indemnity provided by the Group to
\n
Swisscom. The Group is currently unable to estimate any possible loss in this claim in the event of an adverse
\n
judgement on appeal but, while the outcome is uncertain, the Group believes that Vodafone Italy has valid
\n
defences and that it is probable that no present obligation exists.
\n
Greece: Papistas Holdings SA, Mobile Trade Stores (formerly Papistas SA) and Athanasios and Loukia Papistas v
\n
Vodafone Greece
\n
In October 2019, Mr. and Mrs. Papistas, and companies owned or controlled by them, filed several claims against
\n
Vodafone Greece with a total value of approximately \u20ac330 million for purported damage caused by the alleged
\n
abuse of dominance and wrongful termination of a franchise arrangement with a Papistas company. Lawsuits
\n
which the Papistas claimants had previously brought against Vodafone Greece, including one also citing
\n
Vodafone Group Plc and certain Directors and officers of Vodafone as defendants, were either withdrawn or left
\n
dormant. Vodafone Greece filed a counter claim and all claims were heard in February 2020. All of the Papistas
\n
claims were rejected by the Athens Court of First Instance because the stamp duty payments required to have
\n
the merits of
the case considered had not been made.
Vodafone Greece\u2019s counter claim was also rejected. The
\n
Papistas claimants and Vodafone Greece each filed appeals. Following hearings in February and May 2023, the
\n
Court of Appeal dismissed both of the appeals, in the case of the Papistas claimants because the stamp duty
\n
payments had again not been made. Whether the Papistas claimants will appeal the judgement is unknown as at
\n
the date of this report. There was a further hearing in February 2025 about one aspect of the appeal proceedings
\n
and the decision of the Court of Appeal is awaited.
\n
Vodafone is continuing vigorously to defend the claims and based on the progress of the litigation so far the
\n
Group believes that it is highly unlikely that there will be an adverse ruling for the Group. On this basis, the Group
\n
does not expect the outcome of these claims to have a material financial impact.
\n
UK: Phones 4U in Administration v Vodafone Limited, Vodafone Group Plc and Others
\n
In December 2018, the administrators of former UK indirect seller, Phones 4U, sued the three main UK mobile
\n
network operators (\u2018MNOs\u2019), including Vodafone, and their parent companies in the English High Court. The
\n
administrators alleged collusion between the MNOs to withdraw their business from Phones 4U thereby causing
\n
its collapse. The judge ordered that there should be a split trial between liability and damages. The first trial on
\n
liability took place from May to July 2022. On 10 November 2023, the High Court issued a judgement in
\n
Vodafone\u2019s favour and rejected Phones 4U\u2019s allegations that the defendants were in breach of competition law,
\n
consistent with Vodafone\u2019s previously stated position that a present obligation does not exist. Phones 4U was
\n
granted permission to appeal the judgement from the Court of Appeal. The appeal hearing took place before the
\n
Court of Appeal from 19 - 23 May 2025. We are waiting to receive the judgement.
\n
The Group is vigorously defending the appeal and is not able to estimate any possible loss in the event of an
\n
adverse judgement on appeal.
\n
South Africa: Kenneth Makate v Vodacom (Pty) Limited
\n
Mr Kenneth Makate,
a former employee of Vodacom Pty Limited (\u2018Vodacom South Africa\u2019), started legal
\n
proceedings in 2008 claiming compensation for a business idea that led to the development of a service known
\n
as \u2018Please Call Me\u2019 (\u2018PCM\u2019). In July 2014, the Gauteng High Court (\u2018the High Court\u2019) ruled that Mr Makate had
\n
proven the existence of a contract, but that Vodacom South Africa was not bound by that contract because the
\n
responsible director did not have authority to enter into such an agreement on Vodacom South Africa\u2019s
behalf.
\n
The High Court and Supreme Court of Appeal (\u2018the SCA\u2019) turned down Mr Makate\u2019s application for leave to appeal
\n
in December 2014 and March 2015, respectively.
\n
In April 2016, the Constitutional Court of South Africa (\u2018the Constitutional Court\u2019) granted leave to appeal and
\n
upheld Mr Makate\u2019s appeal. It found that Vodacom South Africa is bound by an agreement and ordered the
\n
parties to negotiate, in good faith, and agree a reasonable compensation amount payable to Mr Makate or, in the
\n
event of a deadlock, for the matter to be referred to Vodacom Group\u2019s Chief Executive Officer (\u2018the CEO\u2019) for
\n
determination. Mr Makate\u2019s application for the aforementioned order to be varied
from the determination of an
\n
amount to a compensation model based on a share of revenue was dismissed by the Constitutional Court. In
\n
accordance with the Constitutional Court order, and after negotiations failed, the CEO issued his determination
\n
on 9
January 2019. However, the CEO\u2019s award of R47million (\u20ac2 million) was rejected by Mr Makate, who
\n
subsequently brought an application in the High Court for the review of the CEO\u2019s determination and award.
\n
The High Court, in a judgement delivered on 8 February 2022, set aside the CEO\u2019s determination and ordered
\n
him to reassess the amount employing a set of criteria which would have resulted in the payment of a higher
\n
compensation amount, for the benefit of Mr Makate, than that determined by the CEO. Vodacom South Africa
\n
appealed against the judgement and the order of the High Court to the SCA. The SCA heard the appeal on 9 May
\n
2023 and its judgement was handed down on 6 February 2024. A majority of three judges, with a minority of two
\n
judges dissenting, dismissed the appeal and ruled that Mr Makate is entitled to be paid 5% - 7.5% of the total
\n
revenue of the PCM product from March 2001 to the date of the judgement, plus interest.
\n
On 27 February 2024, Vodacom South Africa applied for leave to appeal the judgement and order of the SCA to
\n
the Constitutional Court, resulting in the suspension of the operation of the judgement and order of the SCA. On
\n
26 August 2024, the Constitutional Court
issued a directive that it would hear Vodacom South Africa\u2019s
\n
application for leave to appeal in tandem with its appeal against the SCA judgement and order. The matter was
\n
heard on 21 November 2024 and Vodacom South Africa awaits a decision from the Constitutional Court.
\n
Vodacom South Africa is challenging the SCA\u2019s judgement and order on various grounds including, but not
\n
limited to, the SCA ignoring the evidence placed before it on the computation of the quantum of compensation
\n
payable to Mr Makate, as well as the SCA issuing orders that are incapable of implementation and enforcement.
\n
The CEO\u2019s determination in 2019 amounted to R47 million (\u20ac2 million). The minority judgement of the SCA
\n
raised Mr Makate\u2019s compensation to an amount payable of R186 million (\u20ac10
million). The value of the
\n
compensation amount for Mr Makate, as per the SCA\u2019s majority judgement and order, would at a minimum be
\n
R29 billion (\u20ac1.5
billion). Mr Makate, in his recent submissions to the Constitutional Court, has stated that his
\n
request is for compensation
in the capital amount of R9.4 billion (\u20ac473
million), plus interest from 18 January
\n
2019. Consequently, the range of the possible compensation outcomes in this matter is very wide.
\n
The amount ultimately payable to Mr Makate is uncertain and will depend on the success of Vodacom South
\n
Africa\u2019s appeal to the Constitutional Court against the judgement and order of the SCA, on the merits of the case.
\n
The Group is continuing to challenge the level of compensation payable to Mr Makate and a provision immaterial
\n
to the financial statements has been recorded.
UK: Mr Justin Gutmann v Vodafone Limited and Vodafone Group Plc
In November 2023, Mr Gutmann issued claims in the Competition Appeal Tribunal (\u2018CAT\u2019) seeking permission, as
a proposed class representative, to bring collective proceedings on an opt-out basis against the four UK mobile
network operators (\u2018MNOs\u2019) and, in the case of Vodafone Limited and EE Limited, their respective parent
companies. Vodafone Group Plc and Vodafone Limited are named defendants to one of the claims with an
alleged value of \u00a31.4 billion (approximately \u20ac1.7 billion), including interest. It is alleged that Vodafone and the
other MNOs used their alleged market dominance to overcharge customers after the expiry of the minimum
terms of certain mobile contracts (referred to as a \u2018loyalty penalty\u2019). A hearing took place before the CAT from 31
March to 2 April 2025 to determine Mr Gutmann\u2019s application for certification of the class and Vodafone\u2019s
application for strike out of certain parts of the claim based on limitation. The decision is expected later this year.
Taking into account all available evidence at this stage, the Group\u2019s assessment is that the allegations are
without merit and it intends to defend the claim. The Group is currently unable to estimate any possible loss in
regards to this issue but, while the outcome is uncertain, the Group believes it is probable that no present
obligation exists. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00921": { "value": "29. Contingent liabilities and legal proceedings
Contingent liabilities are potential future cash outflows, where the likelihood of payment is
considered more than remote, but is not considered probable or cannot be measured reliably.
2025
2024
\u20acm
\u20acm
Performance and payment bonds
1
1,313
1,399
Note:
1. Performance bonds require the Group to make payments to third parties in the event that the Group does not perform what is expected of it
under the terms of any related contracts or commercial arrangements.
UK pension schemes
The Group\u2019s main defined benefit plan is the Vodafone UK Group Pension Scheme (\u2018Vodafone UK plan\u2019) which has
two segregated sections, the Vodafone Section and the CWW Section, as detailed in note 25 \u2018Post employment
benefits\u2019.
The Group has covenanted to provide security in favour of both the Vodafone Section and CWW Section when they
are in a deficit position. The deficit is measured on a prescribed basis agreed between the Group and the Trustee,
which differs from the IAS 19 accounting basis or the funding basis per the triennial actuarial valuation reported in
note 25 \u2018Post employment benefits\u2019. Consequently, the future level of security may vary in line with movements in
the Vodafone UK plan deficit. The Group provides surety bonds as the security.
As at 31 March 2025, the Vodafone UK plan holds security over \u20ac119 million (notional value) for the Vodafone
Section and no security is currently required for the CWW Section. The security may be substituted either on a
voluntary or mandatory basis. The Company has also provided two guarantees to the Vodafone Section of the
Vodafone UK plan for a combined value up to \u20ac1.49 billion to provide security over the deficit under certain defined
circumstances, including insolvency of the employers. The Company has also agreed a similar guarantee of up to
\u20ac1.49 billion for the CWW Section.
An additional smaller UK defined benefit plan, the THUS Plc Group Scheme, has a guarantee from the Company for
up to \u20ac119 million.
\n
Vodafone Idea
\n
As part of the agreement to merge Vodafone India and Idea Cellular in 2017, the parties agreed a mechanism for
\n
payments between the Group and Vodafone Idea Limited (\u2018VIL\u2019) pursuant to the difference between the
\n
crystallisation of certain identified contingent liabilities in relation to legal, regulatory, tax and other matters, and
\n
refunds relating to Vodafone India and Idea Cellular (the
\u2018CLAM indemnity\u2019).
Cash payments or cash receipts relating
\n
to these matters must have been made or received by VIL before any amount becomes due from or owed to the
\n
Group. Any future payments by the Group to VIL as a result of this agreement would only be made after satisfaction
\n
of this and other contractual conditions.
The Group\u2019s maximum potential exposure under this mechanism is capped
\n
at INR 64 billion (\u20ac695 million).
\n
The final liability calculation date under the CLAM indemnity has been agreed to be extended to 30 September
\n
2025. No further cash payments are considered probable from the Group as at 31 March 2025.
\n
The carrying value of the Group\u2019s investment in VIL is \u20acnil and the Group is recording no further share of losses in
\n
respect of VIL. The Group\u2019s potential exposure to liabilities within VIL is capped by the mechanism described above;
\n
consequently, contingent liabilities arising from litigation in India concerning the operations of Vodafone India are
\n
not reported.
\n
Indus Towers
\n
Under the terms of the Indus and Bharti Infratel merger in November 2020, a security package was agreed for the
\n
benefit of the newly created merged entity, Indus Towers, which could be invoked in the event that VIL was unable
\n
to make payments to Indus Towers for the use of towers space. The remaining element of the security package at 31
\n
March 2024 was a secondary pledge over the shares owned by Vodafone Group in Indus Towers, ranking behind
\n
Vodafone\u2019s existing lenders for the outstanding bank borrowings of \u20ac1.7 billion as at 31 March 2024 secured against
\n
Indian assets (\u2018the bank borrowings\u2019), with a maximum liability cap of INR 42.5 billion (\u20ac472 million).
In the event of
\n
non-payment of relevant liabilities by VIL, Indus Towers had recourse to any secondary pledged shares, after
\n
repayment of the bank borrowings in full, up to the value of the liability cap.
\n
The Group disposed of its investment in Indus Towers in two tranches during June and December 2024 (see note 12
\n
\u2018Associates and joint arrangements\u2019).
Following the sales the bank borrowings were fully repaid and, in January 2025,
\n
surplus proceeds of INR 19.1 billion (\u20ac207 million) were invested in newly issued VIL equity, which VIL immediately
\n
used to partially settle outstanding MSA obligations to Indus Towers resulting in the release of the secondary
\n
pledge.
\n
Legal proceedings
\n
The Group is currently involved in a number of legal proceedings, including inquiries from, or discussions with,
\n
government authorities that are incidental to its operations.
\n
Legal proceedings where the Group considers that the likelihood of material future outflows of cash or other
\n
resources is more than remote are disclosed below. Where the Group assesses that it is probable that the outcome
\n
of legal proceedings will result in a financial outflow, and a reliable estimate can be made of the amount of that
\n
obligation, a provision is recognised for these amounts.
\n
In all cases, determining the probability of successfully defending a claim against the Group involves the application
\n
of judgement as the outcome is inherently uncertain. The determination of the value of any future outflows of cash
\n
or other resources, and the timing of such outflows, involves the use of estimates. The costs incurred in complex
\n
legal proceedings, regardless of outcome, can be significant.
\n
The Group is not involved in any material proceedings in which any of the Group\u2019s Directors, members of senior
\n
management or affiliates are either a party adverse to the Group or have a material interest adverse to the Group.
\n
Tax cases
\n
VISPL tax claims
\n
Vodafone India Services Private Limited (\u2018VISPL\u2019) has outstanding tax disputes with the Indian tax authorities
\n
predominantly relating to Vodafone\u2019s acquisition of Hutchison Essar (later renamed as Vodafone India Limited)
\n
covering five assessment years between 2008-09 and 2014-15. The total value of the tax authority claims for
\n
those assessment years as at 31 March 2024 was approximately \u20ac468 million plus interest, and penalties of up to
\n
300% of the principal.
\n
VISPL is taking part in a tax amnesty scheme to resolve these tax disputes. As part of this scheme, in February
\n
2025, VISPL made a payment of \u20ac130 million to the Indian tax authorities
for assessment year 2008-09. For the
\n
other assessment years, once multiple tax credits, offsets and all tax technical issues have been resolved for the
\n
different assessment years, we anticipate VISPL will obtain a net repayment
of \u20ac13 million. The amnesty gives
\n
rise to an income statement tax charge of \u20ac185 million due to tax deposits previously held as recoverable assets
\n
being written-off.
\n
Netherlands tax case
\n
Vodafone Europe BV (\u2018VEBV\u2019) received assessments totalling \u20ac267 million in tax and interest from the Dutch tax
\n
authorities, who challenged the application of the arm\u2019s length principle in relation to various intra-group
financing
\n
transactions. VEBV appealed against these assessments to the District Court of the Hague where a hearing was held
\n
in March 2023. The District Court issued its judgement in July 2023, upholding VEBV\u2019s appeal in relation to the
\n
majority of issues and requiring the Dutch tax authorities to significantly reduce its assessments. VEBV and the Dutch
\n
tax authorities subsequently appealed the District Court\u2019s judgement before the Court of Appeal of The Hague
\n
where the appeal hearing was held in February 2025. A decision is expected during summer 2025.
\n
The Group continues to believe it has robust defences but
has recorded a provision of \u20ac26 million for tax and
\n
accrued interest reflecting the July 2023 judgement and the Group\u2019s current view of the probable financial outflow
\n
required to fully resolve the issue.
\n
Other cases in the Group
\n
Germany: price increase class action
\n
In November 2023, the Verbraucherzentrale Bundesverband (Federation of German Consumer Organisations)
\n
initiated a class action against Vodafone Germany in the Hamm Higher Regional Court. Vodafone Germany
\n
implemented price increases of \u20ac5 per month for fixed lines services in 2023 in response to higher costs. The claim
\n
alleges that terms regarding price increases
in the consumer contracts entered into by Vodafone Germany\u2019s
\n
customers up until August 2023 are invalid under German civil law and seeks reimbursement of the additional
\n
charges plus interest. Customers must enter their details onto the register of collective actions on the Federal Office
\n
of Justice website in order to participate in the claim. The register opened in April 2024 and as at 31 March 2025,
\n
approximately 99,200 customers had registered. Vodafone Germany filed its defence in August 2024 and a hearing
\n
will take place on 3 December 2025.
\n
Whilst the Group intends to defend the claim, it is not able to determine the likelihood or estimate the amount of any
\n
possible financial loss at this stage of the proceedings.
\n
Germany: claims regarding transfer of data to credit agencies
\n
Individual consumers are bringing claims against Vodafone Germany and/or the other national network
\n
operators alleging that information was passed to credit agencies up to February 2024 about contracts for
\n
mobile services without consumer consent. The claims seek damages of up to \u20ac5,000 per contract for GDPR
\n
(General Data Protection Regulation) infringement. As at 28 March 2025, Vodafone Germany had been notified
\n
of 534 claims filed in various regional courts. Out of 314 court judgements issued so far, Vodafone Germany has
\n
been successful in all but seven claims in which damages in the range of \u20ac100 -
\u20ac400 were awarded
to the
\n
consumer. The other national network operators are facing similar claims.
\n
The Group\u2019s position is that the transfer of data about the existence of a consumer contract (and not about
\n
payments in relation to the contract) to credit agencies is standard practice and justified for the purposes of fraud
\n
prevention. However, given the consumer claims, Vodafone Germany has stopped this activity.
\n
Although the total potential number of claims and financial losses is uncertain, the Group believes it has valid
\n
defences and that no present obligation exists based on all available evidence.
\n
Germany: investigation by federal data protection authority
\n
In 2021, the BfDI (Federal Commissioner for Data Protection and Freedom of Information) started investigations
\n
into potential breaches of the GDPR in relation to systems used to manage and protect customer data. Vodafone
\n
Germany has made an immaterial payment to the BfDI in settlement of these investigations.
\n
Germany: investigation by competition authority regarding 1&1
\n
In December 2021 1&1 entered into an agreement with Vantage Towers for the provision of infrastructure for
\n
antenna sites. Vantage Towers sub-contracted certain aspects of the delivery under the agreement to Vodafone
\n
Germany.
\n
In March 2023, Vodafone Germany and Vodafone Group (together \u2018Vodafone\u2019) were informed that 1&1 had
\n
submitted a complaint to the Bundeskartellamt (\u2018BkA\u2019), the competition authority in Germany, alleging
\n
infringements of competition law. Following the start of a formal investigation in June 2023, the BkA issued a
\n
Statement of Objections on 11 April 2025 with its view that the delayed provision by Vodafone and Vantage
\n
Towers of the contractually agreed tower locations acted as an obstacle to 1&1\u2019s market entry
and an abuse of
\n
dominance.
Vodafone\u2019s response to the Statement of Objections is
currently due to be submitted to the BkA on
\n
27 June 2025.
\n
Vodafone is currently unable to estimate any possible loss but, while the outcome is uncertain, the Group
\n
believes it has valid defences and that it is probable no present obligation exists.
\n
Italy: Iliad v Vodafone Italy
\n
In July 2019, Iliad filed a claim for \u20ac500 million against Vodafone Italy in the Civil Court of Milan. The claim
\n
alleges anti-competitive behaviour in relation to customer portability and certain advertising campaigns by
\n
Vodafone Italy. The main hearing on the merits of the claim took place on 8 June 2021. On 17 April 2023, the
\n
Civil Court issued a judgement in Vodafone Italy's favour and rejected Iliad's claim for damages in full. Iliad filed
\n
an appeal before the Court of Appeal of Milan in June 2023. The appeal process is ongoing and a hearing will take
\n
place on 25 June 2025 for final arguments.
\n
Following the divestment of Vodafone Italy, this claim is subject to an indemnity provided by the Group to
\n
Swisscom. The Group is currently unable to estimate any possible loss in this claim in the event of an adverse
\n
judgement on appeal but, while the outcome is uncertain, the Group believes that Vodafone Italy has valid
\n
defences and that it is probable that no present obligation exists.
\n
Greece: Papistas Holdings SA, Mobile Trade Stores (formerly Papistas SA) and Athanasios and Loukia Papistas v
\n
Vodafone Greece
\n
In October 2019, Mr. and Mrs. Papistas, and companies owned or controlled by them, filed several claims against
\n
Vodafone Greece with a total value of approximately \u20ac330 million for purported damage caused by the alleged
\n
abuse of dominance and wrongful termination of a franchise arrangement with a Papistas company. Lawsuits
\n
which the Papistas claimants had previously brought against Vodafone Greece, including one also citing
\n
Vodafone Group Plc and certain Directors and officers of Vodafone as defendants, were either withdrawn or left
\n
dormant. Vodafone Greece filed a counter claim and all claims were heard in February 2020. All of the Papistas
\n
claims were rejected by the Athens Court of First Instance because the stamp duty payments required to have
\n
the merits of
the case considered had not been made.
Vodafone Greece\u2019s counter claim was also rejected. The
\n
Papistas claimants and Vodafone Greece each filed appeals. Following hearings in February and May 2023, the
\n
Court of Appeal dismissed both of the appeals, in the case of the Papistas claimants because the stamp duty
\n
payments had again not been made. Whether the Papistas claimants will appeal the judgement is unknown as at
\n
the date of this report. There was a further hearing in February 2025 about one aspect of the appeal proceedings
\n
and the decision of the Court of Appeal is awaited.
\n
Vodafone is continuing vigorously to defend the claims and based on the progress of the litigation so far the
\n
Group believes that it is highly unlikely that there will be an adverse ruling for the Group. On this basis, the Group
\n
does not expect the outcome of these claims to have a material financial impact.
\n
UK: Phones 4U in Administration v Vodafone Limited, Vodafone Group Plc and Others
\n
In December 2018, the administrators of former UK indirect seller, Phones 4U, sued the three main UK mobile
\n
network operators (\u2018MNOs\u2019), including Vodafone, and their parent companies in the English High Court. The
\n
administrators alleged collusion between the MNOs to withdraw their business from Phones 4U thereby causing
\n
its collapse. The judge ordered that there should be a split trial between liability and damages. The first trial on
\n
liability took place from May to July 2022. On 10 November 2023, the High Court issued a judgement in
\n
Vodafone\u2019s favour and rejected Phones 4U\u2019s allegations that the defendants were in breach of competition law,
\n
consistent with Vodafone\u2019s previously stated position that a present obligation does not exist. Phones 4U was
\n
granted permission to appeal the judgement from the Court of Appeal. The appeal hearing took place before the
\n
Court of Appeal from 19 - 23 May 2025. We are waiting to receive the judgement.
\n
The Group is vigorously defending the appeal and is not able to estimate any possible loss in the event of an
\n
adverse judgement on appeal.
\n
South Africa: Kenneth Makate v Vodacom (Pty) Limited
\n
Mr Kenneth Makate,
a former employee of Vodacom Pty Limited (\u2018Vodacom South Africa\u2019), started legal
\n
proceedings in 2008 claiming compensation for a business idea that led to the development of a service known
\n
as \u2018Please Call Me\u2019 (\u2018PCM\u2019). In July 2014, the Gauteng High Court (\u2018the High Court\u2019) ruled that Mr Makate had
\n
proven the existence of a contract, but that Vodacom South Africa was not bound by that contract because the
\n
responsible director did not have authority to enter into such an agreement on Vodacom South Africa\u2019s
behalf.
\n
The High Court and Supreme Court of Appeal (\u2018the SCA\u2019) turned down Mr Makate\u2019s application for leave to appeal
\n
in December 2014 and March 2015, respectively.
\n
In April 2016, the Constitutional Court of South Africa (\u2018the Constitutional Court\u2019) granted leave to appeal and
\n
upheld Mr Makate\u2019s appeal. It found that Vodacom South Africa is bound by an agreement and ordered the
\n
parties to negotiate, in good faith, and agree a reasonable compensation amount payable to Mr Makate or, in the
\n
event of a deadlock, for the matter to be referred to Vodacom Group\u2019s Chief Executive Officer (\u2018the CEO\u2019) for
\n
determination. Mr Makate\u2019s application for the aforementioned order to be varied
from the determination of an
\n
amount to a compensation model based on a share of revenue was dismissed by the Constitutional Court. In
\n
accordance with the Constitutional Court order, and after negotiations failed, the CEO issued his determination
\n
on 9
January 2019. However, the CEO\u2019s award of R47million (\u20ac2 million) was rejected by Mr Makate, who
\n
subsequently brought an application in the High Court for the review of the CEO\u2019s determination and award.
\n
The High Court, in a judgement delivered on 8 February 2022, set aside the CEO\u2019s determination and ordered
\n
him to reassess the amount employing a set of criteria which would have resulted in the payment of a higher
\n
compensation amount, for the benefit of Mr Makate, than that determined by the CEO. Vodacom South Africa
\n
appealed against the judgement and the order of the High Court to the SCA. The SCA heard the appeal on 9 May
\n
2023 and its judgement was handed down on 6 February 2024. A majority of three judges, with a minority of two
\n
judges dissenting, dismissed the appeal and ruled that Mr Makate is entitled to be paid 5% - 7.5% of the total
\n
revenue of the PCM product from March 2001 to the date of the judgement, plus interest.
\n
On 27 February 2024, Vodacom South Africa applied for leave to appeal the judgement and order of the SCA to
\n
the Constitutional Court, resulting in the suspension of the operation of the judgement and order of the SCA. On
\n
26 August 2024, the Constitutional Court
issued a directive that it would hear Vodacom South Africa\u2019s
\n
application for leave to appeal in tandem with its appeal against the SCA judgement and order. The matter was
\n
heard on 21 November 2024 and Vodacom South Africa awaits a decision from the Constitutional Court.
\n
Vodacom South Africa is challenging the SCA\u2019s judgement and order on various grounds including, but not
\n
limited to, the SCA ignoring the evidence placed before it on the computation of the quantum of compensation
\n
payable to Mr Makate, as well as the SCA issuing orders that are incapable of implementation and enforcement.
\n
The CEO\u2019s determination in 2019 amounted to R47 million (\u20ac2 million). The minority judgement of the SCA
\n
raised Mr Makate\u2019s compensation to an amount payable of R186 million (\u20ac10
million). The value of the
\n
compensation amount for Mr Makate, as per the SCA\u2019s majority judgement and order, would at a minimum be
\n
R29 billion (\u20ac1.5
billion). Mr Makate, in his recent submissions to the Constitutional Court, has stated that his
\n
request is for compensation
in the capital amount of R9.4 billion (\u20ac473
million), plus interest from 18 January
\n
2019. Consequently, the range of the possible compensation outcomes in this matter is very wide.
\n
The amount ultimately payable to Mr Makate is uncertain and will depend on the success of Vodacom South
\n
Africa\u2019s appeal to the Constitutional Court against the judgement and order of the SCA, on the merits of the case.
\n
The Group is continuing to challenge the level of compensation payable to Mr Makate and a provision immaterial
\n
to the financial statements has been recorded.
UK: Mr Justin Gutmann v Vodafone Limited and Vodafone Group Plc
In November 2023, Mr Gutmann issued claims in the Competition Appeal Tribunal (\u2018CAT\u2019) seeking permission, as
a proposed class representative, to bring collective proceedings on an opt-out basis against the four UK mobile
network operators (\u2018MNOs\u2019) and, in the case of Vodafone Limited and EE Limited, their respective parent
companies. Vodafone Group Plc and Vodafone Limited are named defendants to one of the claims with an
alleged value of \u00a31.4 billion (approximately \u20ac1.7 billion), including interest. It is alleged that Vodafone and the
other MNOs used their alleged market dominance to overcharge customers after the expiry of the minimum
terms of certain mobile contracts (referred to as a \u2018loyalty penalty\u2019). A hearing took place before the CAT from 31
March to 2 April 2025 to determine Mr Gutmann\u2019s application for certification of the class and Vodafone\u2019s
application for strike out of certain parts of the claim based on limitation. The decision is expected later this year.
Taking into account all available evidence at this stage, the Group\u2019s assessment is that the allegations are
without merit and it intends to defend the claim. The Group is currently unable to estimate any possible loss in
regards to this issue but, while the outcome is uncertain, the Group believes it is probable that no present
obligation exists. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00923": { "value": "30. Related party transactions
The Group has a number of related parties including joint arrangements and associates, pension
schemes and Directors and Executive Committee members (see note 12 \u2018Associates and joint
arrangements\u2019, note 25 \u2018Post employment benefits\u2019 and note 23 \u2018Directors and key management
compensation\u2019).
Transactions with joint arrangements and associates
Related party transactions with the Group\u2019s joint arrangements and associates primarily comprise fees for the use of
products and services including network airtime and access charges, fees for the provision of network infrastructure
and cash pooling arrangements. No related party transactions have been entered into during the year which might
reasonably affect any decisions made by the users of these consolidated financial statements except as disclosed
below.
2025
2024
2023
\u20acm
\u20acm
\u20acm
Sales of goods and services to associates
13
25
20
Purchase of goods and services from associates
6
6
8
Sales of goods and services to joint arrangements
280
267
220
Purchase of goods and services from joint arrangements
761
932
263
Interest income receivable from joint arrangements
1
66
52
52
Interest expense payable to joint arrangements
1
243
239
33
Trade balances owed:
by associates
3
19
to associates
1
1
by joint arrangements
210
190
to joint arrangements
331
379
Other balances owed by joint arrangements
1
1,265
1,105
Other balances owed to joint arrangements
2
3,941
4,940
Notes:
1. Amounts arise primarily through VodafoneZiggo and Oak Holdings 1 GmbH. Interest is paid/received in line with market rates.
2. Amounts are primarily in relation to leases of tower space from Oak Holdings 1 GmbH.
Details of the Group\u2019s commitment to enter into future lease contracts with Oak Holdings 1 GmbH are disclosed in
Note 20 \u2018Leases\u2019.
Dividends received from associates and joint ventures are disclosed in the consolidated statement of cash flows.
Transactions with Directors other than compensation
During the three years ended 31 March 2025 and as of 3 June 2025, no Director nor any other executive officer, nor
any associate of any Director or any other executive officer, was indebted to the Group. During the three years ended
31 March 2025 and as of 3 June 2025, the Group has not been a party to any other material transaction, or proposed
transactions, in which any member of the key management personnel (including Directors, any other executive
officer, senior manager, any spouse or relative of any of the foregoing or any relative of such spouse) had or was to
have a direct or indirect material interest.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00924": { "value": "Related party transactions with the Group\u2019s joint arrangements and associates primarily comprise fees for the use of
products and services including network airtime and access charges, fees for the provision of network infrastructure
and cash pooling arrangements. No related party transactions have been entered into during the year which might
reasonably affect any decisions made by the users of these consolidated financial statements except as disclosed
below.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00925": { "value": "Subsidiaries
A subsidiary is an entity directly or indirectly controlled by the Company. Control is achieved where the Company
\n
has existing rights that give it the current ability to direct the activities that affect the Company\u2019s returns and
\n
exposure or rights to variable returns from the entity. The results of subsidiaries acquired or disposed of during
\n
the year are included in the consolidated income statement from the effective date of acquisition or up to the
\n
effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of
\n
subsidiaries to bring their accounting policies into line with those used by the Group. All intra-group transactions,
\n
balances, income and expenses are eliminated on consolidation. Non-controlling interests in the net assets of
\n
consolidated subsidiaries are identified separately from the Group\u2019s equity therein. Non-controlling interests
\n
consist of the amount of those interests at the date of the original business combination and the non-controlling
\n
shareholder\u2019s share of changes in equity since the date of the combination. Total comprehensive income is
\n
attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.
\n \n
% of share class held
Company name
by Group companies
Share class
Albania
Autostrada Tirane-Durres, Rruga: \u201cPavaresia\u201d, Nr 61, Kashar, Tirana, Albania
Vodafone Albania Sh.A
100.00
Ordinary shares
Rruga \u201cIbrahim Rugova\u201d, Sky Tower, Kati I 5, Hyrja , Tiran\u00eb 1000, Albania
_VOIS Albania Shpk.
85.71
Ordinary shares
Australia
Mills Oakley, Level 7, 151 Clarence Street, Sydney NSW 2000, Australia
Vodafone Enterprise Australia Pty Limited
100.00
Ordinary shares
Austria
Eversheds Sutherland Rechtsanw\u00e4lte GmbH, K\u00e4rntner Ring 12, 3. Stock, 1010,
Wien, Austria
Vodafone Enterprise Austria GmbH
100.00
Quotas shares
Bahrain
RSM Bahrain, 3
rd
floor Falcon Tower, Diplomatic Area, Manama, PO BOX 11816,
Bahrain
% of share class held
Company name
by Group companies
Share class
Vodafone Enterprise Bahrain W.L.L.
100.00
Ordinary shares
Belgium
Malta House, rue Archim\u00e8de 25, 1000 Bruxelles, Belgium
Vodafone Belgium SA/NV
100.00
Ordinary shares
Brazil
Av. Paulista 37 \u2013 4\u00b0 andar, Sala 427, Bela Vista, CEP, 01311-902, S\u00e3o Paulo, Brazil
Vodafone Empresa Brasil Telecomunica\u00e7\u00f5es Ltda
100.00
Ordinary shares
Rua Boa Vista, No. 254, room 1304 (parte), Centro, S\u00e3o Paulo, 01014907, Brazil
Vodafone Servi\u00e7os Empresariais Brasil Ltda
100.00
Ordinary shares
Bulgaria
10 Tsar Osvoboditel Blvd., 3
rd
Floor, Spredets Region, Sofia, 1000, Bulgaria
Vodafone Enterprise Bulgaria EOOD
100.00
Ordinary shares
Canada
c/o ARC Information Services Inc., 3-84 Castlebury Crescent, Toronto ON M2H
1W8, Canada
Vodafone Canada Inc.
100.00
Common shares
Cayman Islands
One Nexus Way, Camana Bay, Grand Cayman, KY1-9005, Cayman Islands
CGP Investments (Holdings) Limited
100.00
Ordinary shares
China
Level 9, Tower 2, China Central Place, Room 941, No. 79 Jianguo Road, Chaoyang
District, Beijing, 100025, China
Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd.
Beijing Branch
2
100.00
Branch
Room 1603, 16
th
Floor, 1200 Pudong Avenue, Free Trade Zone, Shanghai, China
Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd.
100.00
Ordinary shares
Room 625, Floor 6, Building 1-A, No. 19, Ronghua Middle Road, Beijing Economic
and Technological Development Zone, Beijing, China
Vodafone Automotive Technologies (Beijing) Co, Ltd
100.00
Ordinary shares
Congo, The Democratic Republic of the
292 Avenue de La Justice, Commune de la Gombe, Kinshasa, The Democratic
Republic of the Congo
Vodacom Congo (RDC) SA
5
33.20
Ordinary shares
540 avenue de la justice, second floor, Gombe, Kinshasa, The Democratic Republic
of the Congo
Vodacash S.A
5
33.20
Ordinary shares
\n\n\n \n
% of share class held
Company name
by Group companies
Share class
Cyprus
Ali Riza
Caddesi No:
33/A
Ortak\u00f6y,
Lefko\u015fa,
Cyprus
Vodafone Evde Operations Ltd
100.00
Ordinary shares
Vodafone Mobile Operations Limited
100.00
Ordinary shares
Czech Republic
N\u00e1m\u0115st\u00ed
Junkov\u00fdch
2,
Prague
5,
15500,
Czech
Republic
Nadace Vodafone \u010cesk\u00e1 Republika
100.00
Trustee
Oskar Mobil s.r.o.
100.00
Ordinary shares
Vodafone Czech Republic A.S.
100.00
Ordinary shares
Vodafone Enterprise Europe (UK) Limited - Czech Branch
2
100.00
Branch
Praha
4,
Z\u00e1vi\u0161ova
502/5,
14000,
Nusle,
Czech
Republic
Z\u00e1vi\u0161ova
Real Estate,
s.r.o.
100.00
Ordinary shares
Denmark
c/o Lundgrens Advokatpartnerselskab, Tuborg Boulevard 12, 2900, Hellerup,
Denmark
Vodafone Enterprise Denmark A/S
100.00
Ordinary shares
Egypt
37 Kasr El Nil St, 4
th
Floor, Cairo, Egypt
Starnet
5
35.81
Ordinary shares
54 El Batal Ahmed Abed El Aziz, Mohandseen, Giza, Egypt
Sarmady Communications
5
35.82
Ordinary shares
Building
no.
2109 \u201cVHUB1\u201d,
Smart
Village,
Cairo
Alexandria,
Egypt
Vodafone International Services LLC
5
85.71
Ordinary shares
Site No 15/3C, Central Axis, 6
th
October City, Egypt
Vodafone Egypt Telecommunications S.A.E.
5
35.82
Ordinary shares
Smart Village C3 Vodafone Building, Egypt
Vodafone Data
5
35.81
Ordinary shares
Vodafone Building Zahraa EL Maadi, Building A, Service Area D, Maadi, Cairo, Egypt
Vodafone For Trading
5
35.78
Ordinary shares
Finland
c/o Eversheds Asianajotoimisto Oy, Fabianinkatu 29B, Helsinki, 00100, Finland
Vodafone Enterprise Finland Oy
100.00
Ordinary shares
France
1300 route de Cretes, Le WTC, Bat I1, 06560, Valboone Soph, France
Vodafone Automotive Telematics Development S.A.S
100.00
Ordinary shares
La D\u00e9fense Cours Valmy , 1-7 Le Belv\u00e9d\u00e8re , 92800, Puteaux, France
Vodafone Automotive France S.A.S
100.00
Ordinary shares
Le Belv\u00e9d\u00e8re, 1-7 cours Valmy, 92800, Puteaux, France
\n\n \n
% of share class held
Company name
by Group companies
Share class
Vodafone Enterprise France SAS
100.00
New euro shares
Rue Champollion, 22300, Lannion, France
Apollo Submarine Cable System Ltd - French Branch
2
100.00
Branch
Germany
Altes Forsthaus 2, 67661, Kaiserslautern, Germany
TKS Telepost Kabel-Service Kaiserslautern GmbH
3
100.00
Ordinary shares
BetastraBe 6-8, 85774 Unterf\u00f6hring, Germany
Vodafone Deutschland GmbH
100.00
Ordinary shares
Buschurweg 4, 76870 Kandel, Germany
Vodafone Automotive Deutschland GmbH
100.00
Ordinary shares
Ferdinand-Braun-Platz 1, 40549, D\u00fcsseldorf, Germany
Vodafone Enterprise Germany GmbH
100.00
Ordinary A shares,
Ordinary B shares
Vodafone GmbH
100.00
Ordinary A shares,
Ordinary B shares
Vodafone Group Services GmbH
85.71
Ordinary shares
Vodafone IoT Germany GmbH
100.00
Ordinary shares
Vodafone Stiftung Deutschland Gemeinn\u00fctzige GmbH
100.00
Ordinary shares
Vodafone West GmbH
100.00
Ordinary shares
Friedrich-Wilhelm-Strasse 2, 38100, Braunschweig, Germany
KABELCOM Braunschweig Gesellschaft F\u00fcr Breitbandkabel-Kommunikation Mit
100.00
Ordinary shares
Beschr\u00e4nkter Haftung
3
KABELCOM Wolfsburg Gesellschaft f\u00fcr Breitbandkabel-Kommunikation mit
100.00
Ordinary shares
beschr\u00e4nkter Haftung
3
Holzmarkt 1, 50676, K\u00f6ln, North Rhine-Westphalia, Germany
Grandcentrix GmbH
100.00
Ordinary shares
Nobelstrasse 55, 18059, Rostock, Germany
Urbana Teleunion Rostock GmbH & Co. KG
3
70.00
Ordinary shares
Greece
12,5 km National Road Athens-Lamia, Metamorfosi, Athens, 14452, Greece
Vodafone Innovus S.A.
99.87
Ordinary shares
1-3 Tzavella str, 152 31 Halandri, Athens, Greece
Fiber2All S.A.
99.87
Ordinary shares
Fiber2All Holdings S.A.
99.87
Ordinary shares
Vodafone-Panafon Hellenic Telecommunications Company S.A.
99.87
Ordinary shares
Pireos 163 & Ehelidon, Athens, 11854, Greece
360 Connect S.A.
99.87
Ordinary shares
\n \n
% of share class held
Company name
by Group companies
Share class
Guernsey
Plaza House, Third Floor, Elizabeth Avenue, St. Peter Port, GY1 2HU, Guernsey
Silver Stream Investments Limited
100.00
Ordinary shares
Roseneath, The Grange, St. Peter Port, GY1 2QJ, Guernsey
VBA Holdings Limited
5
65.10
Ordinary shares,
Non-voting
irredeemable non-
cumulative preference
shares
VBA International Limited
5
65.10
Ordinary shares,
Non-voting
irredeemable non-
cumulative preference
shares
Hong Kong
Level 24, Dorset House, Taikoo Place, 979 King\u2019s Road, Quarry Bay, Hong Kong
Vodafone Enterprise Hong Kong Ltd
100.00
Ordinary shares
Hungary
40-44 Hungaria Krt., Budapest, H-1087, Hungary
VSSB
Vodafone
Szolg\u00e1ltat\u00f3 K\u00f6zpont
Budapest
Z\u00e1rtk\u00f6r\u0171en
M\u0171k\u00f6d\u0151
85.71
Registered ordinary
R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
shares
India
10
th
Floor, Tower A&B, Global Technology Park, (Maple Tree Building), Marathahalli
Outer Ring Road, Devarabeesanahalli Village, Varthur Hobli, Bengaluru, Karnataka,
560103, India
Cable & Wireless Networks India Private Limited
100.00
Equity shares
Cable and Wireless (India) Limited - Branch
2
100.00
Branch
Cable and Wireless Global (India) Private Limited
100.00
Equity shares
201-206, Shiv Smriti Chambers, 49/A, Dr. Annie Besant Road, Mumbai,
Maharashtra, Worli, 400018, India
Omega Telecom Holdings Private Limited
100.00
Equity shares
Vodafone India Services Private Limited
100.00
Equity shares
Flat No. 1, 1st Floor, 3A, New Bowbazar Lane, Bowbazar, Kolkata, West Bengal,
700012, India
Usha Martin Telematics Limited
100.00
Equity shares
Table Space, 5th Floor, Tower B, Panchshil Business Park, Viman Nagar, Pune,
Maharashtra, 411014, India
Vodafone Global Services Private Limited
100.00
Equity shares
Ireland
3rd Floor, Waterloo Exchange, Waterloo Road, Dublin 4, D04 E5W7, Ireland
Vodafone International Financing Designated Activity Company
100.00
Ordinary shares
38/39 Fitzwilliam Square West, Dublin 2, DO2 NX53, Ireland
\n \n
% of share class held
Company name
by Group companies
Share class
Vodafone Enterprise Global Limited
100.00
Ordinary shares
Vodafone Global Network Limited
100.00
Ordinary shares
Mountainview, Leopardstown, Dublin 18, Ireland
Vodafone Group Services Ireland Limited
85.71
Ordinary shares
Vodafone Ireland Limited
100.00
Ordinary shares
Vodafone Ireland Retail Limited
100.00
Ordinary shares
Italy
Via Astico 41, 21100 Varese, Italy
Vodafone Automotive Electronic Systems S.r.L
100.00
Ordinary shares
Vodafone Automotive S.p.A
100.00
Ordinary shares
Vodafone Automotive Telematics S.r.L
100.00
Ordinary shares
Via Bisceglie 73, 20152, Milan, Italy
Vodafone Enterprise Italy S.r.L
100.00
Euro shares
Vodafone Servizi E Tecnologie S.R.L.
100.00
Equity shares
Via Gabriele D'Annunzio, 4, 21010 Vizzola Ticino, VA, Italy
Vodafone Automotive Italia S.p.A
100.00
Ordinary shares
Via Lorenteggio 240, Milan, Italy
Vodafone IoT Italy, S.R.L.
100.00
Quotas shares
Japan
KAKiYA building, 9F, 2-7-17 Shin-Yokohama, Kohoku-ku, Yokoha-City, Kanagawa,
222-0033, Japan
Vodafone Automotive Japan KK
100.00
Ordinary shares
The Executive Centre, Level 20, Shin Marunouchi Center Building, 1-6-2
Marunouchi, Chiyoda-ku, Tokyo, 100-0005, Japan
Vodafone Enterprise U.K. - Japanese Branch
2
100.00
Branch
Vodafone Global Enterprise (Japan) K.K.
100.00
Ordinary shares
Jersey
44 Esplanade, St Helier, JE4 9WG, Jersey
Vodafone International 2 Limited
100.00
Ordinary shares
Kenya
6th Floor, ABC Towers, ABC Place, Waiyaki Way, Nairobi, 00100, Kenya
Vodafone Kenya Limited
5
69.46
Ordinary voting shares
The Riverfront, 4th floor, Prof. David Wasawo Drive, Off Riverside Drive, Nairobi,
Kenya
Vodacom Business (Kenya) Limited
5
52.08
Ordinary shares
Korea, Republic of
ASEM Tower level 37, 517 Yeongdong-daero, Gangnam-gu, Seoul, 135-798, Korea,
Republic of
Vodafone Enterprise Korea Limited
100.00
Ordinary shares
\n \n
% of share class held
Company name
by Group companies
Share class
Lesotho
585 Mabile Road, Vodacom Park, Maseru, Lesotho
VCL Financial Services (PTY) Ltd
5
52.08
Ordinary shares
Vodacom Lesotho (Pty) Limited
5
52.08
Ordinary shares
Luxembourg
15 rue Edward Steichen, Luxembourg, 2540, Luxembourg
Tomorrow Street GP S.\u00e0 r.l.
100.00
Ordinary shares
Ordinary euro
Vodafone Enterprise Luxembourg S.A.
100.00
shares
Vodafone Global Connect S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone International 1 S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone International M S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone Investments Luxembourg S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone Luxembourg S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone Procurement Company S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone Roaming Services S.\u00e0 r.l.
100.00
Ordinary shares
Malaysia
Suite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak, 50400 Kuala
Lumpur, Malaysia
Vodafone Global Enterprise (Malaysia) Sdn Bhd
100.00
Ordinary shares
Malta
Portomaso Business Tower, Level 15B, St Julians, STJ 4011, Malta
Vodafone Holdings Limited
100.00
\u2018A\u2019 Ordinary shares,
\u2018B\u2019 Ordinary shares
Vodafone Insurance Limited
100.00
\u2018A\u2019 Ordinary shares,
\u2018B\u2019 Ordinary shares
Mauritius
10th Floor, Standard Chartered Towers, 19 Cybercity, Ebene, Mauritius
Mobile Wallet VM1
5
65.10
Ordinary shares
Mobile Wallet VM2
5
65.10
Ordinary shares
VBA (Mauritius) Limited
5
65.10
Ordinary shares,
Redeemable
preference shares
Vodacom International Limited
5
65.10
Ordinary shares,
Non Cumulative
preference shares
Fifth Floor, Ebene Esplanade, 24 Bank Street, Cybercity, Ebene, Mauritius
Al-Amin Investments Limited
100.00
Ordinary shares
Array Holdings Limited
100.00
Ordinary shares
Asian Telecommunication Investments (Mauritius) Limited
100.00
Ordinary shares
CCII (Mauritius), Inc.
100.00
Ordinary shares
\n \n
% of share class held
Company name
by Group companies
Share class
CGP India Investments Ltd.
100.00
Ordinary shares
Euro Pacific Securities Ltd.
100.00
Ordinary shares
Mobilvest
100.00
Ordinary shares
Prime Metals Ltd.
100.00
Ordinary shares
Trans Crystal Ltd.
100.00
Ordinary shares
Vodafone Mauritius Ltd.
100.00
Ordinary shares
Vodafone Telecommunications (India) Limited
100.00
Ordinary shares
Vodafone Tele-Services (India) Holdings Limited
100.00
Ordinary shares
Mexico
Avenida Insurgentes Sur No. 1647, Piso 12, despacho 1202, Colonia San Jos\u00e9
Insurgentes, Alcald\u00eda Benito Ju\u00e1rez, C.P. 03900, Ciudad de M\u00e9xico, Mexico
Vodafone Empresa M\u00e9xico S.de R.L. de C.V.
100.00
Corporate
certificate series A
shares,
Corporate
certificate series B
shares
Mozambique
Rua dos Desportistas, Numero 649, Cidade de Maputo, Mozambique
Vodacom Mo\u00e7ambique, SA
5
55.33
Ordinary shares
Vodacom M-Pesa, SA
5
55.33
Ordinary shares
Netherlands
Rivium Quadrant 173, 15th Floor, 2909 LC, Capelle aan den IJssel, Netherlands
Vodafone Enterprise Netherlands B.V.
100.00
Ordinary shares
Vodafone Europe B.V.
100.00
Ordinary shares
Vodafone International Holdings B.V.
100.00
Ordinary shares
Zuid - hollanden 7, Rode Olifant, Spaces, 2596AL, den Haag, Netherlands
IOT.NXT B.V.
5
42.32
Ordinary shares
IoT.nxt EMENA B.V
5
42.32
Ordinary shares
IoT.nxt Europe BV
5
42.32
Ordinary shares
New Zealand
74 Taharoto Road, Takapuna, Auckland, 0622, New Zealand
Vodafone Enterprise Hong Kong Limited - New Zealand Branch
2
100.00
Branch
Norway
c/o EconPartner AS, Dronning Mauds gate 15, Oslo, 0250, Norway
Vodafone Enterprise Norway AS
100.00
Ordinary shares
Oman
Knowledge Oasis Muscat, Al-seeb, Muscat, Governorate P.O Box 104 135, Oman
Vodafone Services LLC
100.00
Shares
\n \n
% of share class held
Company name
by Group companies
Share class
Poland
ul. Towarowa 28, 00-839, Warsaw, Poland
Vodafone Business Poland sp. z o.o.
100.00
Ordinary shares
Portugal
Av. D. Jo\u00e3o II, n\u00ba 36 - 8\u00ba Piso, 1998 - 017, Parque das Na\u00e7\u00f5es, Lisboa, Portugal
Oni Way - Infocomunicacoes, S.A
100.00
Ordinary shares
Vodafone Enterprise Spain, S.L.U. \u2013 Portugal Branch
2
100.00
Branch
Vodafone IoT Portugal, Unipessoal Lda.
100.00
Quotas shares
Vodafone Portugal - Comunicacoes Pessoais, S.A.
100.00
Ordinary shares
Vodafone Solutions, Unipessoal LDA
100.00
Quota shares
Romania
1 A Constantin Ghercu Street, 10th Floor, 6th District, Bucharest, Romania
UPC Services S.R.L. (in liquidation)
100.00
Ordinary shares
13 Duca Voda Street, Ploiesti, Prahova County, Romania
Isys Professional SRL
100.00
Ordinary shares
18 Diligen\u021bei Steet, 1st floor, Building C1, Ploiesti, Prahova County, Romania
Evotracking SRL
100.00
Ordinary shares
201 Barbu Vacarescu Street, 5th floor, 2nd District, Bucharest, Romania
Vodafone External Services SRL
100.00
Ordinary shares
201 Barbu Vacarescu Street, Mezzanine, District 2, Bucharest, Romania
Vodafone Foundation
100.00
Sole member
201 Barbu Vacarescu, 4th floor, 2nd District, Bucharest, Romania
Vodafone Romania S.A
100.00
Ordinary shares
62 D Nordului Street, District 1, Bucharest, Romania
UPC Foundation
100.00
Sole member
Oltenitei Street no. 2, City Offices Building,
3rd Floor, Bucharest 4th District, Romania
Vodafone Rom\u00e2nia Technologies SRL
85.71
Ordinary shares
Sectorul 2, Strada Barbu V\u0103c\u0103rescu, Nr. 201, Etaj 1, Bucharest, Romania
Vodafone Rom\u00e2nia M - Payments SRL
100.00
Ordinary shares
Russian Federation
Build. 2, 14/10, Chayanova str., 125047, Moscow, Russian Federation
Cable & Wireless CIS Svyaz LLC
100.00
Charter capital shares
Serbia
Vladimira Popovi\u0107a 38-40,
New Belgrade, 11070, Serbia
Vodafone Enterprise Equipment Limited Ogranak u Beogradu - Serbia Branch
2
100.00
Branch
Singapore
Asia Square Tower 2, 12 Marina View, #17-01, 018961, Singapore
Vodafone Enterprise Singapore Pte.Ltd
100.00
Ordinary shares
Slovakia
Karad\u017ei\u010dova 2, mestsk\u00e1 \u010das\u0165 Star\u00e9 mesto, Bratislava, 811 09, Slovakia
\n \n
% of share class held
Company name
by Group companies
Share class
Vodafone Global Network Limited - organiza\u010dn\u00e1
zlo\u017eka (Slovakia Branch)
2
100.00
Branch
Prievozsk\u00e1 6, Bratislava, 821 09, Slovakia
Vodafone Czech Republic A.S. - Slovakia Branch
2
100.00
Branch
South Africa
9 Kinross Street, Germiston South, 1401, South Africa
Vodafone Holdings (SA) Proprietary Limited
100.00
Ordinary shares
Vodafone Investments (SA) Proprietary Limited
100.00
Ordinary A shares, \u2018B\u2019
Ordinary no par value
shares
Irene Link Building C, Third Floor, 5 Impala Avenue, Doringkloof, Centurion, Gauteng,
0046, South Africa
10T Holdings Proprietary Limited
5
42.32
Ordinary shares
IoT.nxt (Pty) Limited
5
42.32
Ordinary shares
IoT.nxt Development (Pty) Limited
5
42.32
Ordinary shares
Knightsbridge Office Park, 33 Sloane Street, Bryanston, Sandton, Gauteng, 2191,
South Africa
MAST Services Proprietary Limited
5
65.10
Ordinary shares
Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa
Infinity Services Partner Company
5
65.10
Ordinary shares
Jupicol (Proprietary) Limited
5
45.57
Ordinary shares
Mezzanine Ware Proprietary Limited
5
58.59
Ordinary shares
Motifprops 1 (Proprietary) Limited
5
65.10
Ordinary shares
Nexio (Proprietary) Limited
5
33.20
Ordinary shares
Sphinx Investment Holding Company (RF) (Proprietary) Limited
5
65.10
Ordinary shares
Vodacom (Pty) Limited
5
65.10
Ordinary shares,
Ordinary A shares
Vodacom Business Africa Group (Pty) Limited
5
65.10
Ordinary shares
Vodacom Business Africa SA (Pty) Limited
5
65.10
Ordinary shares
Vodacom Financial Services (Proprietary) Limited
5
65.10
Ordinary shares
Vodacom Group Limited
65.10
Ordinary shares
Vodacom Insurance Administration Company (Proprietary) Limited
5
65.10
Ordinary shares
Vodacom Insurance Company (RF) Limited
5
65.10
Ordinary shares
Vodacom International Holdings (Pty) Limited
5
65.10
Ordinary shares
Vodacom Life Assurance Company (RF) Limited
5
65.10
Ordinary shares
Vodacom Payment Services (Proprietary) Limited
5
65.10
Ordinary shares
Vodacom Properties No 1 (Proprietary) Limited
5
65.10
Ordinary shares
Vodacom Properties No.2 (Pty) Limited
5
65.10
Ordinary shares
Wheatfields Investments 276 (Proprietary) Limited
5
65.10
Ordinary shares
XLink Communications (Proprietary) Limited
5
65.10
Ordinary A shares
\n \n
% of share class held
Company name
by Group companies
Share class
Spain
Antracita, 7 - 28045, Madrid, Spain
Vodafone Automotive Iberia S.L.
100.00
Ordinary shares
Avenida de Am\u00e9rica 115, 28042, Madrid, Spain
Vodafone Enterprise Spain SLU
100.00
Ordinary euro
shares
Torre Norte Adif, Explanada de la Estaci\u00f3n no 7, 29002, M\u00e1laga, Spain
Vodafone Intelligent Solutions Espa\u00f1a, S.L.U.
100.00
Ordinary shares
Vodafone IoT Spain, S.L.
100.00
Ordinary shares
Sweden
C/o Aspia AB, Kopparbergsv\u00e4gen 11a, 722 13, V\u00e4ster\u00e5s, Sweden
Vodafone Enterprise Sweden AB
100.00
Ordinary shares,
Shareholder\u2019s
contribution shares
Switzerland
C/o BDO AG, Schiffbaustrasse 2, 8005, Zurich, Switzerland
Vodafone Enterprise Switzerland AG
100.00
Ordinary shares
Taiwan
22F., No.100, Songren Road., Xinyi District, Taipei City, 11070, Taiwan
Vodafone Global Enterprise Taiwan Limited
100.00
Ordinary shares
Tanzania, United Republic of
15 Floor, Vodacom Tower, Ursino Estate, Plot No. 23, Bagamoyo Road, Dar es Sala
am,
United Republic of Tanzania
M-Pesa Limited
5
48.82
Ordinary A shares,
Ordinary B shares
Shared Networks Tanzania Limited
5
48.82
Ordinary shares
Smile Communications Tanzania Limited
5
48.82
Ordinary shares
Vodacom Tanzania Public Limited Company
5
48.82
Ordinary shares
3rd Floor, Maktaba (Library), ComplexBibi, Titi Mohaned Road, Dar es Salaam, Unit
ed
Republic of Tanzania
Gateway Communications Tanzania Limited
5
64.45
Ordinary shares
Thailand
725 Metropolis Building, 20th floor, Unit 100, Sukhumvit Road, Klongton Nua Sub-
district, Watthana District, Bangkok, 10110, Thailand
Vodafone Business Siam Co., Ltd.
100.00
Ordinary shares
T\u00fcrkiye
B\u00fcy\u00fckdere
Caddesi,
No:
251,
Maslak,
\u015ei\u015fli
/
\u0130stanbul,
34398,
T
\u00fcrkiye
Vodafone Bilgi Ve Iletisim Hizmetleri AS
100.00
Registered shares
Vodafone Dagitim, Servis ve Icerik Hizmetleri A.S.
100.00
Ordinary shares
Vodafone Holding A.S.
100.00
Registered shares
Vodafone Kule ve Altyapi Hizmetleri A.S.
100.00
Ordinary shares
Vodafone Mall Ve Elektronik Hizmetler Ticaret AS
100.00
Ordinary shares
\n \n
%
of share class held
Company name
by
Group companies
Share class
Vodafone
Net
\u0130leti\u015fim
Hizmetleri
A.S.
100.00
Ordinary shares
Vodafone Telekomunikasyon A.S
100.00
Registered shares
\u0130T\u00dc Ayaza\u011fa
Kamp\u00fcs\u00fc,
Koru
Yolu,
Ar\u0131
Teknokent
Ar\u0131
3
Binas\u0131,
Maslak,
\u0130stanbul,
586553, T\u00fcrkiye
Vodafone Teknoloji Hizmetleri A.S.
100.00
Registered shares
Maslak Mah. AOS 55 Sk. 42 Maslak
Sit. B Blok Apt.
No: 4/663 ,
Sar\u0131yer Istanbul, T
\u00fcrkiye
Vodafone Finansman A.S.
100.00
Ordinary shares
Vodafone Elektronik Para Ve \u00d6deme Hizmetleri A.S.
100.00
Registered shares
Vodafone Sigorta Aracilik Hizmetleri A.S.
100.00
Ordinary shares
Maslak
Mah.
B\u00fcy\u00fckdere
Cad.
B\u00fcy\u00fckdere
No:
251,
Sar\u0131yer,
Istanbul
,
34453,
T
\u00fcrkiye
VOIS Turkey
Akilli
\u00c7\u00f6z\u00fcmler
Limited
\u015eirketi
85.71
Ordinary shares
Ukraine
Bohdana Khmelnytskogo Str. 19-21, Kyiv, Ukraine
LLC Vodafone Enterprise Ukraine
100.00
Ownership
percentage shares
United Arab Emirates
16-SD 129, Ground Floor, Building 16-Co Work, Dubai Internet City, United Arab
Emirates
Vodacom Fintech Services FZ-LLC
5
65.10
Ordinary shares
DSO ABCN 81010, ABCN DSO HQ, Dubai Silicon Oasis, Dubai, UAE, United Arab
Emirates
Sarmady Middle East FZE
5
35.82
Ordinary shares
Office 101, 1st Floor, DIC Building 1, Dubai Internet City, Dubai, United Arab Emirates
Vodafone Enterprise Europe (UK) Limited - Dubai Branch
2
100.00
Branch
\n\n \n
% of share class held
Company name
by Group companies
Share class
United Kingdom
11 Staple Inn Building, London, WC1V 7QH, United Kingdom
Vodacom Business Africa Group Services Limited
5
65.10
Ordinary shares,
Preference shares
Vodacom UK Limited
5
65.10
Ordinary shares,
Ordinary B shares,
Non-redeemable
ordinary A shares,
Non-redeemable
preference shares
50 Lothian Road, Festival Square,
Edinburgh, EH3 9WJ, United Kingdom
Thus Group Holdings Limited
100.00
Ordinary shares
Thus Group Limited
100.00
Ordinary shares
Vodafone (Scotland) Limited
100.00
Ordinary shares
3 More London, Riverside, London, SE12AQ, United Kingdom
IoT Nxt UK Limited
5
42.32
Ordinary shares
Quarry Corner, Dundonald, Belfast, BT16 1UD, Northern Ireland
Energis (Ireland) Limited
100.00
A ordinary shares,
B ordinary shares,
C ordinary shares,
D ordinary shares
Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom
Apollo Submarine Cable System Limited
100.00
Ordinary shares
Cable & Wireless Aspac Holdings Limited
100.00
Ordinary shares
Cable & Wireless CIS Services Limited
100.00
Ordinary shares
Cable & Wireless Communications Data Network Services Limited
100.00
\u2018A\u2019 Ordinary shares,
\u2018B\u2019 Ordinary
shares
Cable & Wireless Europe Holdings Limited
100.00
Ordinary shares
Cable & Wireless Global Telecommunication Services Limited
100.00
Ordinary shares
Cable & Wireless UK Holdings Limited
100.00
Ordinary shares
Cable & Wireless Worldwide Limited
100.00
Ordinary shares
Cable and Wireless (India) Limited
100.00
Ordinary shares
Cable and Wireless Nominee Limited
100.00
Ordinary shares
Central Communications Group Limited
100.00
Ordinary shares,
Ordinary A shares
Energis Communications Limited
100.00
Ordinary shares
Energis Squared Limited
100.00
Ordinary shares
London Hydraulic Power Company (The)
100.00
Ordinary shares,
5% Non-Cumulative
preference shares
Navtrak Ltd
100.00
Ordinary shares
Project Telecom Holdings Limited
1
100.00
Ordinary shares
Rian Mobile Limited
100.00
Ordinary shares
Talkmobile Limited
100.00
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
The Eastern Leasing Company Limited
100.00
Ordinary shares
Thus Limited
100.00
Ordinary shares
Vodafone 2.
100.00
Ordinary shares
Vodafone Automotive UK Limited
100.00
Ordinary shares
Vodafone Consolidated Holdings Limited
100.00
Ordinary shares
Vodafone Corporate Limited
100.00
Ordinary shares
Vodafone Corporate Secretaries Limited
1
100.00
Ordinary shares
Vodafone DC Pension Trustee Company Limited
1
100.00
Ordinary shares
Vodafone Distribution Holdings Limited
100.00
Ordinary shares
Vodafone Enterprise Corporate Secretaries Limited
100.00
Ordinary shares
Vodafone Enterprise Equipment Limited
100.00
Ordinary shares
Vodafone Enterprise Europe (UK) Limited
100.00
Ordinary shares
Vodafone Enterprise U.K.
100.00
Ordinary shares
Vodafone European Investments
1
100.00
Ordinary shares
Vodafone Finance Limited
1
100.00
Ordinary shares
Vodafone Finance Management
100.00
Ordinary shares
Vodafone Global Enterprise Limited
100.00
Ordinary shares,
Deferred shares,
B deferred shares
Vodafone Group (Directors) Trustee Limited
1
100.00
Ordinary shares
Vodafone Group Pension Trustee Limited
1
100.00
Ordinary shares
Vodafone Group Services Limited
100.00
Ordinary shares,
Deferred shares
Vodafone Group Services No.2 Limited
1
100.00
Ordinary shares
Vodafone Group Share Trustee Limited
1
100.00
Ordinary shares
Vodafone International 2 Limited - UK Branch
2
100.00
Branch
Vodafone International Operations Limited
100.00
Ordinary shares
Vodafone Investments Limited
1
100.00
Ordinary shares,
Zero coupon
redeemable
preference shares
Vodafone IoT UK Limited
100.00
Ordinary shares
Vodafone IP Licensing Limited
1
100.00
Ordinary shares
Vodafone Limited
100.00
Ordinary shares
% of share class held
Company name
by Group companies
Share class
United Kingdom (continued)
Vodafone Mobile Network Limited
100.00
Ordinary shares
Vodafone Nominees Limited
1
100.00
Ordinary shares
Vodafone Oceania Limited
100.00
Ordinary shares
Vodafone Overseas Finance Limited
100.00
Ordinary shares
Vodafone Partner Services Limited
100.00
Ordinary shares,
Redeemable
preference shares
Vodafone Retail (Holdings) Limited
100.00
Ordinary shares
Vodafone Sales & Services Limited
100.00
Ordinary shares
Vodafone Shared Operations Limited
7
85.71
Ordinary shares
Vodafone Shared Services UK Limited
85.71
Ordinary shares
Vodafone UK Investments Limited
1
100.00
Ordinary shares
Vodafone UK Trading Holdings Limited
100.00
Ordinary shares
Vodafone Ventures Limited
1
100.00
Ordinary shares
Vodaphone Limited
100.00
Ordinary shares
Your Communications Group Limited
100.00
B Ordinary shares,
Redeemable
preference shares
United States
1209 Orange, Orange Street, Wilmington, New Castle DE 19801, United States
IoT nxt USA Inc
5
42.32
Common stock shares
1450 Broadway, Fl 11, Suite 104, New York NY 10018, United States
Cable & Wireless Americas Systems, Inc.
100.00
Common stock shares
Vodafone Americas Virginia Inc.
100.00
Common stock shares
Vodafone IoT Incorporated
100.00
Common stock shares
Vodafone US Inc.
100.00
Common stock shares
1615 Platte Street, Suite 02-115, Denver CO 80202, United States
Vodafone Americas Foundation
100.00
Trustee
32. Subsidiaries exempt from audit
The following UK subsidiaries will take advantage of the audit exemption set out within section 479A
\n
of the Companies Act 2006 for the year ended 31 March 2025.
Name
Registration number
Cable & Wireless Aspac Holdings Limited
04705342
Cable & Wireless CIS Services Limited
02964774
Cable & Wireless Europe Holdings Limited
04659719
Cable & Wireless UK Holdings Limited
03840888
Cable & Wireless Worldwide Limited
07029206
Cable and Wireless Nominee Limited
03249884
Energis (Ireland) Limited
NI035793
Energis Communications Limited
02630471
Energis Squared Limited
03037442
London Hydraulic Power Company (The)
ZC000055
Project Telecom Holdings Limited
03891879
Eastern Leasing Company Limited (The)
01672832
Thus Group Holdings Limited
SC192666
Thus Group Limited
SC226738
Vodafone 2.
04083193
Vodafone Consolidated Holdings Limited
05754561
Vodafone Corporate Secretaries Limited
02357692
Vodafone Distribution Holdings Limited
03357115
Vodafone Enterprise Corporate Secretaries Limited
02303594
Vodafone Enterprise Equipment Limited
01648524
Vodafone Enterprise Europe (UK) Limited
03137479
Vodafone European Investments
03961908
Vodafone Finance Management
02139168
Vodafone International Operations Limited
02797438
Vodafone Investments Limited
01530514
Vodafone IOT UK Limited
15364581
Vodafone IP Licensing Limited
06846238
Vodafone Nominees Limited
01172051
Vodafone Overseas Finance Limited
04171115
Vodafone Partner Services Limited
04012582
Vodafone UK Investments Limited
02227940
Name
Registration number
Vodafone UK Trading Holdings Limited
14903490
Your Communications Group Limited
04171876
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00926": { "value": "A subsidiary is an entity directly or indirectly controlled by the Company. Control is achieved where the Company
has existing rights that give it the current ability to direct the activities that affect the Company\u2019s returns and
\n
exposure or rights to variable returns from the entity. The results of subsidiaries acquired or disposed of during
\n
the year are included in the consolidated income statement from the effective date of acquisition or up to the
\n
effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of
\n
subsidiaries to bring their accounting policies into line with those used by the Group. All intra-group transactions,
\n
balances, income and expenses are eliminated on consolidation. Non-controlling interests in the net assets of
\n
consolidated subsidiaries are identified separately from the Group\u2019s equity therein. Non-controlling interests
\n
consist of the amount of those interests at the date of the original business combination and the non-controlling
\n
shareholder\u2019s share of changes in equity since the date of the combination. Total comprehensive income is
\nattributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00927": { "value": "Company statement of financial position of Vodafone Group Plc
At 31 March
Re-presented
1
2025
2024
Note
\u20acm
\u20acm
Fixed assets
Shares in Group undertakings
2
84,320
83,470
Current assets
Debtors: amounts falling due after more than one year
3
4,069
4,025
Debtors: amounts falling due within one year
3
74,012
65,702
Other investments
4
1,010
766
Cash at bank and in hand
156
153
79,247
70,646
Creditors: amounts falling due within one year
5
(82,948)
(66,941)
Net current (liabilities)/assets
(3,701)
3,705
Total assets less current liabilities
80,619
87,175
Creditors: amounts falling due after more than one year
5
(37,741)
(42,158)
42,878
45,017
Capital and reserves
Called up share capital
6
4,319
4,797
Share premium account
20,385
20,385
Capital redemption reserve
589
111
Other reserves
1,182
1,153
Own shares held
(6,926)
(7,780)
Profit and loss account
2
23,329
26,351
Total equity shareholders\u2019 funds
42,878
45,017
\n
Notes:
\n
1. On 1 April 2024, the Group adopted amendments to IAS 1 \u2018Presentation of Financial Statements\u2019 which has impacted the classification of
\n
certain bonds between creditors falling due within one year and creditors falling due after more than one year. As a result of the
\n
reclassification, comparatives at 31 March 2024 have been provided in accordance with IFRS requirements. See note 1 \u2018Basis of preparation\u2019
\n
to the consolidated financial statements for more information.
\n
2. The profit for the financial year dealt with in the financial statements of the Company is \u20ac1,485 million (2024: \u20ac1,098 million loss).
\n
The Company financial statements on pages 206 to 212 were approved by the Board of Directors and authorised for
\n
issue on 3 June 2025 and were signed on its behalf by:
\n
Margherita Della Valle
Luka Mucic
\n
Group Chief Executive
Group Chief Financial Officer
\n
The accompanying notes are an integral part of these financial statements.
\n
Company statement of changes in equity of Vodafone Group Plc
\n
For the years ended 31 March
\n \n
Called up
Capital
Total equity
share
Share
redemption
Other
Treasury
Accumulated
shareholders\u2019
capital
1
premium
2
reserve
2
reserves
2
shares
3
profit
4
funds
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2023
4,797
20,385
111
1,110
(7,854)
31,605
50,154
Issue or re-issue of shares
\u2013
\u2013
\u2013
\u2013
74
\u2013
74
Loss for the financial year
\u2013
\u2013
\u2013
\u2013
\u2013
(1,098)
(1,098)
Dividends
\u2013
\u2013
\u2013
\u2013
\u2013
(2,433)
(2,433)
Capital contribution given
relating to share-based
payments
\u2013
\u2013
\u2013
115
\u2013
\u2013
115
Contribution received
relating to share-based
payments
\u2013
\u2013
\u2013
(72)
\u2013
\u2013
(72)
Other movements
5
\u2013
\u2013
\u2013
\u2013
\u2013
(1,723)
(1,723)
31 March 2024
4,797
20,385
111
1,153
(7,780)
26,351
45,017
Issue or re-issue of shares
\u2013
\u2013
\u2013
\u2013
84
\u2013
84
Profit for the financial year
\u2013
\u2013
\u2013
\u2013
\u2013
1,485
1,485
Dividends
\u2013
\u2013
\u2013
\u2013
\u2013
(1,795)
(1,795)
Capital contribution given
relating to share-based
payments
\u2013
\u2013
\u2013
110
\u2013
\u2013
110
Contribution received
relating to share-based
payments
\u2013
\u2013
\u2013
(81)
\u2013
\u2013
(81)
Purchase of treasury shares
6
\u2013
\u2013
\u2013
\u2013
(2,000)
\u2013
(2,000)
Cancellation of shares
(478)
\u2013
478
\u2013
2,770
(2,770)
\u2013
Other movements
5
\u2013
\u2013
\u2013
\u2013
\u2013
58
58
31 March 2025
4,319
20,385
589
1,182
(6,926)
23,329
42,878
\n
Notes:
\n
1. See note 6 \u2018Called up share capital\u2019.
\n
2. These reserves are not distributable.
\n
3. Own shares relate to treasury shares which are purchased out of distributable profits and therefore reduce reserves available for distribution.
\n
4. The Company has determined what amounts within this reserve are distributable and non-distributable in accordance with the guidance
\n
provided by ICAEW TECH 02/17BL and the requirements of UK law. In accordance with UK Companies Act 2006 s831(2), a public company
\n
may make a distribution only if, after giving effect to such distribution, the amount of its net assets is not less than the aggregate of its\u2019 called
\n
up share capital and non-distributable reserves.
\n
5. Includes the impact of the Company\u2019s cash flow hedges with \u20ac229 million net gain deferred to other comprehensive income during the year
\n
(2024: \u20ac2,051 million net loss), \u20ac154 million net gain (2024: \u20ac247 million net gain) recycled to the income statement and a tax charge of \u20ac19
\n
million (2024: tax credit of \u20ac575 million). These hedges primarily relate to foreign exchange exposure on fixed borrowings, with any foreign
\n
exchange on nominal balances directly impacting income statement in each period but interest cash flows unwinding to the income
\n
statement over the life of the hedges, up to 2064. See note 22 \u2018Capital and financial risk management\u2019 to the consolidated financial
\n
statements for further details.
\n
6. Represents the irrevocable and non-discretionary share buyback programmes which completed on 6 August 2024, 13 November 2024, 22
\nJanuary 2025 and the programme that commenced on 4 February 2025, which completed on 19 May 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } } } }